Today's Support and Resistance Levels:
R3: 133.21
R2: 132.69
R1: 132.17
Current Spot: 131.88
S1: 131.42
S2: 130.96
S3: 130.57
Technical Summary:
We are still seeing some kissing and hugging of the triangle resistance-line. However important support at 131.42 is still intact and should continue to hold for a break above minor resistance at 132.17 and more importantly a break above 132.69, which confirms a new rally towards 133.48 and higher towards 134.95 and 137.45. That said, we have to be aware, that a break below important support at 131.42 will be very frustrating to my overall bullish picture and will call for the possibility of considerable downside pressure and indicate, that the correction from the May 22 high at 133.81 is not over yet.
Today's Support and Resistance Levels:
R3: 1.6515
R2: 1.6464
R1: 1.6405
Current Spot: 1.6355
S1: 1.6335
S2: 1.6315
S3: 1.6239
Technical Summary:
The break below support at both 1.6388 and 1.6338 has frustrated the short term count. However, as long as important support at 1.6239 continues to protect the downside I will be looking for a break above 1.6405 and more importantly a break above 1.6464, which confirms, that a new impulsive rally higher towards at least 1.6712 and more likely even higher towards 1.6987 is developing.
However, a break below minor support at 1.6315 will delay any upside pressure for a move closer to the important support at 16239 before the next upside pressure can be expected.
With this level broken 131,4....what next?
ReplyDeleteHi EWS:
ReplyDeleteIf I'm correct the important level 131.42 is the 61,8% Fibo level correction for wave ii, so is possible this correction be more deeper than 61,8% level.
In fact, if we look in a shorter time frame, we can see an abc correction inside wave ii. The 100% proyection fibo level for the bigger wave C is 130.181, and for the minor wave C is 131.44. So, why are you in a doubt about this count? Are you thinking in a different question?
131.44 didnt hold this drop!! let see if it will be 130,18!!
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