Today's Support and Resistance Levels:
R3: 142.35
R2: 142.15
R1: 141.92
Current Spot: 141.70
S1: 141.52
S2: 141.38
S3: 140.92
Technical Summary:
We are now at the expected resistance levels that I set out yesterday. Short term we could still see a test of resistance at 141.92 as long as support at 141.52 and more importantly as long as support at 141.34 protects the downside, but from 141.92 or upon a break below 141.34 we will see the next powerful decline in red wave iii towards 137.64 and possibly even lower towards 136.65.
Only an unexpected break above resistance at 142.91 will invalidated the bearish scenario above.
Today's Support and Resistance Levels:
R3: 1.6355
R2: 1.6333
R1: 1.6316
Current Spot: 1.6303
S1: 1.6283
S2: 1.6249
S3: 1.6214
Technical Summary:
With the break below 1.6403 we got the confirmation needed that the next impulsive decline towards 1.6129 and maybe even lower towards 1.6049 is developing. Short term we will ideally see resistance at 1.6310 protect the upside for a break below 1.6249, which confirms that the final decline towards 161.29 is developing. Once at 161.29 or perhaps even from the 1.6049 low which terminates wave (v) and iii we should see a new complex correction towards 1.6315 and likely even higher towards 1.6431 to end wave iv.
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