Today's Support and Resistance Levels:
R3: 133.83
R2: 133.63
R1: 133.33
Current Spot: 133.16
S1: 132.96
S2: 132.61
S1: 132.15 - 61.8% retracement of red wave i most likely target for red wave ii.
Technical Summary:
With the early break below important support at 133.35 we knew, that we had already ended red wave i at 133.83 and red wave ii was developing. Short term I expect resistance in the 133.32 - 133.37 zone to protect the upside for a break below 132.96, that confirms acceleration towards the ideal target for red wave ii at 132.15 before red wave iii will take over for a new impulsive rally higher. Only a direct break above 133.63 invalidates the expected downside and indicates, that wave iii is already developing for a rally higher towards at least 135.36 and more likely even higher to 137.04 if red wave iii extends.
Today's Support and Resistance Levels:
R3: 1.6239
R2: 1.6193
R1: 1.6149
Current Spot: 1.6107
S1: 1.6068
S2: 1.6036
S3: 1.5996
Technical Summary:
With the break below support at 1.6072 the last piece of doubt for the new more bearish count was eliminated. Short term I'm now looking for minor resistance in the 1.6183 - 1.6193 zone to protect the upside for a break below 1.6068 confirming a continuation lower towards 1.6050 and likely even lower towards 1.6018 before the next consolidation is seen. Longer term I'm looking for a decline towards 1.5872 as the ideal target for wave C from 1.7274.
