Today's Support and Resistance Levels:
R3: 141.87
R2: 141.26
R1: 140.87
Current Spot: 140.60
S1: 140.20
S2: 139.99
S3: 139.80
Technical Summary:
Important support at 138.95 protected the downside and has kept the correction from 136.23 alive and we should still be looking for a rally higher towards 142.26. Short term we will likely see resistance at 140.87 hold for a minor correction towards 139.80 before the next rally higher towards the ideal target at 142.26. Once this correction is over we should see renewed downside pressure for a decline towards the 38.2% corrective target for the rally from the 94.10 low to the 145.69 high.
Today's Support and Resistance Levels:
R3: 1.6747
R2: 1.6673
R1: 1.6578
Current Spot: 1.6505
S1: 1.6477
S2: 1.6412
S3: 1.6342
Technical Summary:
Wave 1 ended a little earlier than expected. Wave v became equal in length to wave v, which is a common relationship. With the break below 1.6574 we knew that wave 1 was in place and wave 2 was developing. I will be looking for wave 2 towards the bottom of wave iv of one lessor degree at 1.6477. Short term look for resistance at 1.6567; 1.6587 and 1.6606 to protect the upside for the expected decline towards 1.6477. However, we have to be aware that second waves tend to correct a large portion of wave one, which means the expected correction could be deeper and reach 1.6342 before wave 2 is done and wave 3 higher can begin.
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