As expected the rally out of the ending diagonal became very powerful and the clear break above the possible triangle resistance at 124.50, has reinforced my stand that wave iii of 5 is developing. Short term we expect minor support at 124.28 will protect the downside for the next rally higher towards 126.54 and likely higher towards 127.05. However, if we take a look at the long term picture the first possible target for wave 5 is at 131.60, but this rally could easily extend further.
With the break above 1.5376 we had confirmation, that a bottom is firmly in place with the test of 1.5180, but more importantly we now know that a new major rally is developing to above 1.6359 and likely much higher over the coming years. Short term I'm looking for support at 1.5307 to protect the downside for the next powerful rally higher towards at least 1.5535 and likely even higher towards 1.5917.
Hi EWS
ReplyDeleteThanks for the info site yesterday and in advance have a great weekend.
Best Regards JT