Today's Support and Resistance Levels:
R3: 131.56
R2: 131.20
R1: 131.03
Current spot: 130.88
S1: 130.63
S2: 130.21
S3: 129.90
Technical Summary:
Well once again we saw a break above resistance at 131.01, more and more evidence is pointing towards the triangle as the preferred count. That means we should see a continuation higher towards strong resistance near 132.00 to end wave d and then one last decline towards 129.98 and maybe even down to 129.50 before wave e of the triangle is in place. However, once wave e of the triangle is done, we can expect a new very powerful rally higher towards 170.00, but for now we have to concentrate on getting this triangle finished.
Today's Support and Resistance Levels:
R3: 171.53
R2: 171.00
R1: 170.74
Current spot: 170.47
S1: 170.00
S2: 1.6967
S3: 1.6934
Technical Summary:
I'm still looking for a top of wave i near 171.00 and we should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.
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