Today's Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current Spot: 130.27
S1: 129.67
S2: 129.30
S3: 129.00
Technical Summary:
We saw short term important resistance at 130.56 protect the upside for one more decline towards support near 129.25. The low for now has been at 129.30 and we could have seen the final low for wave e of the symmetric B-wave triangle in place. If wave e of the B-wave triangle is in place at 129.30 we should soon see a break above short term important resistance at 130.56 for a rally higher towards the triangle resistance-line near 132.10. A break above the triangle resistance-line will be the first good indication, that wave C higher is developing, but a break above 132.42 (the top of wave d of the triangle) is needed to confirm, that wave C is developing for a rally higher towards 139.21 as the next major upside target.
However, at long as important short term resistance at 130.56 protect the upside we must allow the possibility of a deeper wave e towards 129.25 and maybe even 129.00, but under no circumstance can a break below 127.94 (the low of wave c of the triangle) be allowed.
Today's Support and Resistance Levels:
R3: 1.7116
R2: 1.7071
R3: 1.7013
Current Spot: 1.6954
S1: 1.6943
S2: 1.6912
S3: 1.6869
Technical Summary:
Minor wave four of the c wave became it self an complex expanded flat correction (see the 15M chart below), with a b-wave low at 1.6960 and a c-wave high at 1.7116. The big question whether wave five of c is in place at 1.6939 or we need a little more downside pressure towards 1.6912 or even 1.6869 in its extreme? Before the c-wave of the larger expanded flat wave ii correction is finally over. A break above minor resistance at 1.7013 will be the first indication, that wave ii has ended, while a break above 1.7116 is needed to confirm the final low and that wave iii higher towards 1.7239 and 1.7800 is developing. Longer term I'm still looking for much higher levels in this cross.
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