Today's Support and Resistance Levels:
R3: 143.22
R2: 142.78
R1: 142.34
Current Spot: 141.81
S1: 141.33
S2: 140.95
S3: 140.40
Technical Summary:
Support at 140.99 did more or less protect the downside as expected. We did see a slight dip below 140.99, but it was not sustained and we are now in the final rally higher towards 142.34 as the first target for this final wave v of 5, however we could easily see an extension higher towards 142.78 and 143.22 as the final top of wave 5 and I. Once the top is in place we should see the beginning of a major correction, which both time- and pricewise will be the biggest correction we have seen since the 94.10 low. The minimum target for this correction will be at 124.95, but it could move lower towards 118.72.
However, for now we should stay focused towards the upside for the final new high above 142.17, but once this high is broken a top could be in place any time.
Today's Support and Resistance Levels:
R3: 1.6798
R2: 1.6735
R1: 1.6689
Current Spot: 1.6655
S1: 1.6626
S2: 1.6581
S2: 1.6522
Technical Summary:
We did see a break above resistance at 1.6750, which confirms the uptrend. However the following correction is deeper that would be expected. That could imply two things, that a series of waves one's and two's is developing (my preferred scenario) and the other is, that a leading diagonal is developing, but no matter what we should ultimately see a continuation higher.
Short term expect support at 1.6626 will protect the downside for a break above resistance at 1.6689 for a new rally towards 1.6798 and higher towards 1.7071 and 172.39 as the next major upside targets. Only an unexpected break below 1.6522 will invalidate the bullish call and indicate more downside pressure.
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