Today's Support and Resistance Levels:
R3: 142.90
R2: 142.64
R1: 142.42
Current Spot: 142.17
S1: 141.88
S2: 141.46
S3: 141.03
Technical Summary:
The failure to break below 140.92 followed by a break above 141.85 is quite a surprise and has opened up for a much more complex correction. I will look for resistance at 142.64, but the possibility for a break above resistance at 142.90 as long as support at 141.78 protects the downside has become much more likely. That said, I will be looking for a possible top at 142.64 to end red wave ii for a decline below 141.78. A break below 141.78 will confirm that red wave ii is in place for a new impulsive decline. However, the risk is a break above 142.90, which will prolong black wave ii for a move closer to 143.17 before the black wave ii correction is finished.
Today's Support and Resistance Levels:
R3: 1.6499
R2: 1.6469
R1: 1.6438
Current Spot: 1.6428
S1: 1.6392
S2: 1.6358
S3: 1.6320
Technical Summary:
The corrective cycle from the 1.6238 has become more complex than first expected. I do however think that a top is close by and the next impulsive decline ready to take over again. However, to confirm that the next impulsive decline is developing we need a break below support at 1.6320. As long as support at 1.6320 holds firm and protects the downside we could see a little more upside towards 1.6473, but at no point can a break above resistance at 1.6499 be allowed.
A break below 1.6320 will call for a decline towards 1.6237 on the way lower towards 1.6127.
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