Today's Support and Resistance Levels:
R3: 133.81 (top on May 22)
R2: 132.74 (top of wave c of the triangle)
R1: 132.34
Current Spot: 132.14
S1: 131.92
S2: 131.52
S1: 131.05
Technical Summary:
We have seen the expected rally towards the triangle resistance-line near 132.00 and I will now be looking for the final e-wave of the triangle. This e-wave could fall all the way towards the the triangle support-line near 129.00, but it is more likely to end early, which would likely mean a termination of wave e close to 129.60. Once wave e is in place we should be looking for a new impulsive rally higher towards 140.98 as the next major upside target, but longer term we are looking for much higher levels closer to 170.00
Today's Support and Resistance Levels:
R3: 1.7153 (the top from August 5)
R2: 1.7100 (the ideal target for wave i)
R1: 1.7080 (current high for wave i)
Current Spot: 170.37
S1: 1.6998 (break below here will be first indication of a finish wave i)
S2: 1.6936
S3: 1.6855
Technical Summary:We have almost reached the ideal target for this wave i and we should soon see a wave ii correction develop. As long as support at 1.6998 protects the downside we could still see one last spike higher towards the ideal target at 1.7100, but from there or upon a break below 1.6998 we should see a corrective decline towards the 38.2% corrective target, which comes in at 1.6804. This correction could of cause be deeper, but looking at the speed wave i had and the impatient of the market we should only expect the minimum corrective target reached. But for now let's concentrate one picking the top of wave i near 1.7100.
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