Today's Support and Resistance Levels:
R3: 139.23
R2: 138.66
R1: 138.24
Current Spot: 137.89
S1: 137.39
S2: 136.97
S3: 136.67
Technical Summary:
We have finally seen a break below the base channel support line, which heralds strong acceleration lower. Short term I will be looking for minor resistance at 138.32 to protect the upside for a continuation lower towards 136.67 as blue wave (iii) before blue wave (iv) takes over for a correction towards 137.93 and then the final blue wave (v) lower to 136.15 to end blue wave iii.
Today's Support and Resistance Levels:
R3: 1.6748
R2: 1.6713
R1: 1.6670
Current Spot: 1.6623
S1: 1.6560
S2: 1.6493
S3: 1.6419
Technical Summary:
Black wave iii ended a little before the expected 1.6792 (the high of wave iii came in at 1.6748). We are now in black wave iv, which ideally will meet support at 1.6560 for the next rally higher towards 1.6910 to end black wave v and wave i of 3, which is expected to move much higher longer term. The alternative count (not shown on the chart) calls for a possible triangle developing, but this count still calls for a move towards 1.6900 before a new decline sets in.
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