Today's Support and Resistance Levels:
R3: 130.79
R2: 130.40
R1: 130.25
Current Spot: 129.89
S1: 129.79
S2: 129.32
S1: 128.89
Technical Summary:
The decline from 131.98 broken through strong support at 130.40, without any trouble and I'm now looking for minor resistance at 130.25 or maybe resistance at 130.40 to protect the upside for the next part of the decline towards 128.89. However, the target for this decline lays at 126.89, where blue wave iii will be 1.618 times longer than blue wave i. Longer term I'm looking for a decline to strong support at 124.96 in a flat correction from the 133.81 high.
Today's Support and Resistance Levels:
R3: 1.7047
R2: 1.6972
R1: 1.6942
Current Spot: 1.6929
S1: 1.6857
S2: 1.6813
S3: 1.6771
Technical Summary:
The correction from the 1.7153 high has been deeper than expected, but as long as support at 1.6771 (the high of blue wave i) stays intact I will be looking for the next powerful rally higher soon. In fact I expect that support at 1.6813 will protect the downside for a break above 1.6972 and more importantly a break above 1.7023 which confirms, that a new impulsive rally above 1.7153 is developing. I'm still looking at 1.7326 as the first target for this rally. That said we will have to be alert to a break below the top of blue wave i at 1.6771. If that happens, this rally can not be impulsive and we should expect a new decline to 1.6225 in a flat correction.
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