Today's Support and Resistance Levels:
R3: 141.04
R2: 140.81
R1: 140.52
Current Spot: 140.38
S1: 140.23
S2: 139.84
S3: 139.33
Technical Summary:
The bears still have the benefit of the doubt, but I would like to see some downside acceleration soon to confirm that they are in the divers seat. Short term I would like to see resistance in the 140.52 - 140.68 protect the upside for a break below support at 140.18 for acceleration lower towards 136.45. That said, as long as we have not seen the acceleration towards the downside we have to acknowledge that the decline from 140.43 just could be an x-wave in a complex correction, if this is the case we should see a break above 140.92 that would call for a move closer to 142.11 and just maybe 142.50 before wave ii is over.
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