Today's Support and Resistance Levels:
R3: 141.00
R2: 140.30
R1: 139.81
Current Spot: 139.28
S1: 138.91
S2: 138.17
S3: 137.58
Technical Summary:
The break above 139.15 has invalidated my short term counts and I think the best way to count the decline from 145.69 to 136.23 is as a finished three wave decline and I will be looking for an x-wave. The first target for this x-wave at 139.81 has been tested and the big question is now whether we already have seen the end of the x-wave and the next decline towards 125.99 is developing. If this is the case we should see a break below support at 138.91 and more importantly below support at 138.17 which would call for a decline towards 136.23 and lower.
However, as long as support at 138.91 stays intact we could see the x-wave continue higher towards 141.00 and maybe even closer to the 61.8% corrective target at 142.06.
Today's Support and Resistance Levels:
R3: 1.6681
R2: 1.6604
R1: 1.6549
Current Spot: 1.6490
S1: 1.6470
S2: 1.6435
S3: 1.6390
Technical Summary:
Minor wave ii has turned into an expanded flat correction, therefore we should expect the coming wave iii to extend towards at least the 161.8% target at 1.6730 and maybe even higher. Short term I will be looking for a break above minor resistance at 1.6549 to confirm acceleration higher in wave iii towards 1.6730 on the way towards this target we will see minor resistance at 1.6604 and at 1.6681. Short term we expect minor support at 1.6470 to protect the downside for the break above 1.6549.
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