Today's Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current spot: 130.02
S1: 129.88
S2: 129.65
S3: 129.24
Technical Summary:
The price action here has been almost none existent. We have been trading sideways in a narrow range between 129.64 - 130.56. As long as minor resistance at 130.56 protects the upside, we could see one last decline closer to important support near 129.24, but from there or upon a break above resistance at 130.56 we should see a powerful thrust out of the triangle towards the upside for a rally towards our next major target at 139.21. Longer term we are looking for much higher levels near 170.00.
Today's Support and Resistance Levels:
R3: 1.7144
R2: 1.7095
R1: 1.7066
Current Spot: 1.7033
S1: 1.7005
S2: 1.6968
S3: 1.7005
Technical Summary:
With the break below 1.6996 we knew, that wave ii had not finished yet and that it was an expanded flat correction (the top of wave b ended higher than the top of wave a and the bottom of wave c was lower than the low of wave a). The impulsive rally that follows an expanded flat correction will be an extended wave, so once wave ii is finished we should expect a very powerful wave iii higher. Short term I'm looking for a decline towards 1.6989 and maybe even lower towards 1.6912 as long as resistance at 1.7066 and more importantly resistance at 1.7095 protects the upside. However, a break above 1.7095 indicates, that wave c of the expanded flat correction is in place and wave iii has taken over for a rally towards at least 1.7166 and more likely higher towards 1.7274.
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