Today's Support and Resistance Levels:
R3: 132.07
R2: 131.55
R1: 131.01 - Invalidation point of the bearish count
Current spot: 130.75
S1: 130.52
S2: 130.33
S3: 129.90
Technical Summary:I'm still looking for an impulsive decline to develop any time now. Short term I'm looking for important resistance at 131.01 to protect the upside for a break below 130.33 and more importantly a break below 129.90, which confirms a continuation lower towards 128.17 and maybe even low. However, a break above important support at 131.01 will invalidate my bearish count and call for a rally higher towards 132.00 and make the triangle count my preferred count.
Today's Support and Resistance Levels:
R3: 1.7100
R2: 1.7050
R1: 1.7006
Current spot: 1.6975
S1: 1.6925
S2: 1.6856
S3: 1.6835
Technical Summary:
We should be close to the top of wave i of the new impulsive rally which began at 1.6325. I expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and more likely down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.
Longer term I'm looking for much higher levels.
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