Today's Support and Resistance Levels:
R3: 140.40
R2: 140.15
R1: 139.94
Current Spot: 139.72
S1: 139.39
S2: 139.04
S3: 138.43
Technical Summary:
As expected the extended blue wave ii correction had ended and blue wave iii lower towards 136.15 is developing. Blue wave ii ended at 141.26 and following decline is clearly impulsive in its structure. As we have entered the most powerful part of this decline, we should expect corrections to be small or even sub-normal, therefore expect minor resistance at 139.94 will protect the upside for the next decline towards 137.69 on the way lower towards 136.15.
Longer term I'm looking for a major correction to the five way rally from 94.10 to 145.69 (please see the chart below). The ideal target for this correction will be at 126.03, which is right in the middle of wave four of one lessor degree.
Today's Support and Resistance Levels:
R3: 1.6792
R2: 1.6763
R1: 1.6722
Current Spot: 1.6705
S1: 1.6660
S2: 1.6622
S3: 1.6592
Technical Summary:
After an unexpected minor detour towards 1.6425 before we finally saw the expected red wave v rally higher towards 1.6792. Short term expect a minor correction towards 1.6660 before the final rally higher towards 1.6792 to end red wave v and black wave iii.
Longer term I'm looking for a new impulsive rally to above 1.6996 towards 1.7274 and higher. However the alternative count shows the possibility of a triangle building. If this is the case we should see wave D of the triangle end near 1.6900 and the followed by the final E wave towards 1.6470 (See the chart below).
No comments:
Post a Comment