Today's Support and Resistance Levels:
R3: 140.98
R2: 140.78
R1: 140.29
Current Spot: 140.09
S1: 139.87
S2: 139.65
S3: 139.18
Technical Summary:
Over the last couple of days the expected pattern has changed into a possible larger triangle, where we have seen the first three waves and currently is working on the the d wave higher towards 140.98 before the final e wave lower. Once this e wave is in place we should see a break towards the upside, but for now we need to pay close attention to the final two legs of the triangle. Short term I will be looking for a break above minor resistance at 140.29 to confirm that wave d is developing for a move closer to 140.98.
Today's Support and Resistance Levels:
R3: 1.6567
R2: 1.6520
R1: 1.6462
Current Spot: 1.6448
S1: 1.6413
S2: 1.6342
S3: 1.6305
Technical Summary:
The failure to break above resistance at 1.6538 has kept the wave 2 correction alive and we have seen a continuation lower towards 1.6428. The break below minor support at 1.6445 has opened up for a decline closer to the 61.8% corrective target at 1.6413, before wave 2 is over. Short term only a break above minor resistance at 1.6520 indicates that wave already is over and wave 3 higher towards 1.7141 is developing.
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