Today's Support and Resistance Levels:
R3: 133.87
R2: 133.62
R1: 133.37
Current Spot: 133.18
S1: 132.87
S2: 132.57
S3: 132.22
Technical Summary:
With the break above important short term resistance we finally got the confirmation, that red wave iii is developing towards at least 135.13 and more likely even higher towards 137.28. For the short term it would be ideal if support at 132.87 protected the downside for the break above 133.87, but only a break below support at 132.57 will confuse the overall bullish count and call for a move back down to 131.63, but this is a low probability scenario and as long as support at 132.87 is protecting the downside we should stay focused on the upside.
Today's Support and Resistance Levels:
R3: 1.6263
R2: 1.6187
R1: 1.6139
Current Spot: 1.6119
S1: 1.6077
S2: 1.6026
S3: 1.5966
Technical Summary:
Trying to pinpoint the bottom for this wave C has been a real pain. We hit the cluster of supports at 1.6119, but we also saw a break below this support, with 1.6077 being the low for now. Looking at the EWO-indicator we have a massive divergence telling us, that momentum for this decline is weakening almost by the minute and still, this decline continues. By breaking below the ideal target at 1.6119 we now have a window open for a continuation even lower towards 1.5873. That said, I find it most unlikely that we will see a decline that low and regard this as a short term spike below the ideal 1.6119 target. However, to confirm that wave C is over we need a break above 1.6263 and more importantly a break above 1.6348 to confirm that wave C is over and a new rally higher towards 1.7274 and higher has begun.
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