Today's Support and Resistance Levels:
R3: 135.24
R2: 134.73
R1: 134.20
Current Spot: 134.14
S1: 134.05
S2: 133.87
S3: 133.44
Technical Summary:
As long as minor resistance at 134.20 protects the upside I will be looking for one last spike lower towards support at 133.87 from where we should see the final rally higher to finish red wave iii near at least 135.24 and maybe even higher to 136.05 before red wave iv takes over for a new correction lower. Depending on whether red wave iii finishes at 133.96 or 136.05 we should be looking for a correction towards 134.50 or maybe even deeper towards 133.96, but we should be able to say more, when we know where red wave iii ended.
Long term we are looking for a rally higher to 137.45 as the ideal target for black wave iii.
Today's Support and Resistance Levels:
R3: 1.6348
R2: 1.6263
R1: 1.6211
Current Spot: 1.6168
S1: 1.6109
S2: 1.6070
S3: 1.6011
Technical Summary:
I'm still expecting resistance at 1.6263 to protect the upside for the next downside pressure towards the next target at 1.6011. Short term a break below a break below 1.6109 will confirm that the next decline has begun.
Only a break above 1.6263 and more importantly a break above 1.6348 will invalidate the bearish call and indicate, that an important bottom is already in place, for a new major rally towards 1.7274 and higher longer term.
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