Today's Support and Resistance Levels:
R3: 129.80
R2: 129.60
R1: 129.33
Current Spot: 129.07
S1: 128.65
S2: 128.24
S3: 127.62
Technical Summary:
We saw the expected decline to the minimum target at 128.54 yesterday. As wave i of blue wave iii and wave iii of blue wave iii is equal in length we should expect wave v of blue wave iii to be extended and that would call for a decline towards 126.06.
Short term I will be looking for resistance at 129.33 to protect the upside for a break below minor support at 128.65, which will be the first good indication that the next impulsive decline lower is developing and a break below 128.41 will confirm the decline. towards 126.06.
However, if we break above 129.33 the downside pressure will be delayed for a push towards 129.60 before we should expect renewed downside pressure.
Today's Support and Resistance Levels:
R3: 1.6946
R2: 1.6872
R1: 1.6796
Current Spot: 1.6760
S1: 1.6718
S2: 1.6656
S3: 1.6623
Technical Summary:
The break below the important support at 1.6771 yesterday invalidated my bullish Count and tells us, that the rally of the 1.6225 low is only a B-wave in a flat correction. Therefore we will have to change our focus from the upside towards the downside until this ongoing correction is over.
I'm now looking for resistance at 1.6796 to protect the upside for a break below 1.6718, which will be the first good indication, that we can expect the impulsive decline lower towards at least 1.6623 and likely even deeper towards 1.6456.
Short term a break above 1.6799 will confuse the Picture, but only a break above 1.6872 will question the bigger Picture.
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