With a break above resistance at 103.76 the immidiate bearish count was invalidated and the expected decline in wave C lower towards at least 99.44 delayed. However, the decline we have seen from 104.13 does look impulsive and I will be looking for resistance at 103.34 to protect the upside for a continuation lower towards 101.72 and below.
However, a break above 103.34 will delay the expected downside pressure for a move closer to 103.70 before lower again. Only an unexpected break above resistance at 104.13 will invalidate my bearish count for a move closer to 105.44, but this is not my preferred count.
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