Today's Support and Resistance Levels:
R3: 135.60
R2: 135.20
R1: 134.94
Current Spot: 134.41
S1: 134.20
S2: 134.05
S3: 133.87
Technical Summary:
Red wave 3 is still developing and for the short term we should expect support at 134.05 and maybe the slightly lower support at 133.87 to protect the downside, for a rally higher towards 135.20 and 135.60 before red wave iii is in place and yet an other minor correction in red wave iv takes over.
For the longer term picture we are looking for black wave iii to end near 137.45 before black wave iv is expected to take over. As black wave ii was a simple and deep correction, we should expect black wave iv to be a shallow and complex correction, due to Elliott's Principe of alternation.
Today's Support and Resistance Levels:
R3: 1.6348
R2: 1.6263
R1: 1.6193
Current Spot: 1.6161
S1: 1.6111
S2: 1.6073
S3: 1.6011
Technical Summary:
As long as resistance at 1.6263 and more importantly as long as important short term resistance at 1.6348 protects the upside we should be expecting a move lower towards 1.6011 as the next downside target. Over the last 10 days we have seen a massive bullish divergence building, which is a warning, that the wave C decline of this expanded flat correction, is loosing momentum almost by the minute. However, to confirm this loss of momentum we need a break above 1.6263 and more importantly a break above 1.6348. A break above the later will confirm a new rally higher towards 1.7273 and even higher longer term.
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