Today's Support and Resistance Levels:
R3: 138.76
R2: 138.30
R1: 138.01
Current Spot: 137.76
S1: 137.33
S2: 137.02
S3: 136.60
Technical Summary:
We should be in the very last part of the ending diagonal. The maximum for this final wave v will be in the 138.21 - 138.31 depending on where the high of wave iii is placed. If we does see a break above 138.31, then the ending diagonal can not be the correct count as wave iii can never be the shortest wave and that would be the case here, if we does break above 138.31. However, for now we maintain the view, that an ending diagonal is developing and should be close to its maximum. To confirm that wave v is in place we need a break below 137.02 and more importantly a break below 136.02, which will confirm, that wave v is in place for a decline towards at least 124.96.
Today's Support and Resistance Levels:
R3: 1.6636
R2: 1.6597
R1: 1.6523
Current Spot: 1.6487
S1: 1.6453
S2: 1.6397
S3: 1.6341
Technical Summary:
The decline from 1.7274 is one of the weirdest formation I have ever seen. However, when I look at the weekly chart I'm convinced, that it only was a X-wave in a much larger correction, which began from 1.4966 and should as a minimum test resistance at 1.9094, where we will find the 38.1% correction target of the decline from the 2.5773 top in early 2009 to the bottom at 1.4966 in mid-2012. However, to confirm that a new uptrend have begun I would like to see support at 1.6453 protect the downside for a new rally above 1.6636 and more importantly above 1.6726, which will confirm the new uptrend for a continuation higher towards 1.6882 and higher.
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