Today's Support and Resistance Levels:
R3: 134.84
R2: 134.15
R1: 133.73
Current Spot: 133.38
S1: 133.14
S2: 132.85
S3: 132.36
Technical Summary:
The correction went a little lower, than the expected 133.11 (the low came in at 132.86), but that does not change my overall bullish bias for a rally higher towards 137.05 over the coming weeks. I think we are currently in wave c of v of an ending diagonal. The downside should now be protected by strong short term support at 132.86 for the a continuation higher towards 134.14 and 134.84 on the way higher to 137.05. The absolute maximum for the ongoing wave c is at 138.39 as wave iii never can be the shortest wave and that would be the case here if we does see a break above 138.39.
An unexpected break below 132.86 will confuse the picture, but only a break below 132.37 will invalidate my bullish count.
Today's Support and Resistance Levels:
R3: 1.6289
R2: 1.6248
R1: 1.6187
Current Spot: 1.6170
S1: 1.6149
S2: 1.6105
S3: 1.6070
Technical Summary:
We saw a low at 1.6051 yesterday, which very well could mark an important bottom, but we need some confirmation in form of a break above resistance at 1.6241, which would call for an acceleration higher towards 1.6349. We could have a possible hidden bullish divergence at the 1.6051 bottom, but we need this divergence to be confirmed, if however, it is confirmed, then we should expect a very powerful rally higher, with only very small corrections.
Short term I would like support at 1.6149 to protect the downside for the break above important resistance at 1.6241, but only a break below support at 1.6105 will frustrate my bullish view and call for a new test of 1.6051.
No comments:
Post a Comment