Today's Support and Resistance Levels:
R3: 134.24
R2: 133.92
R1: 133.57
Current Spot: 133.23
S1: 133.09
S2: 132.82
S3: 132.58
Technical Summary:
The correction from 134.95 has been much deeper than expected and the break below the top of red wave i at 133.37 has forced a change of my short term count. We now have two almost equal counts. The first which I prefer slightly and is shown on the chart above. Is that a series of wave one's and two's has developed and is should just be a matter of time before we will see the a series of powerful wave three's higher towards at least 137.45 and possibly higher. The second count is, that a leading diagonal has been building. This might call for a slightly deeper correction towards 132.79 and likely even 132.12 before we can expect the next rally higher.
Short term a break above 133.56 and more importantly a break above 133.84 confirms the bottom and that the next powerful rally past 134.95 is developing.
Today's Support and Resistance Levels:
R3: 1.6348
R2: 1.6263
R1: 1.6235
Current Spot: 1.6217
S1: 1.6171
S2: 1.6122
S3: 1.6070
Technical Summary:The correction from 1.6070 has become slightly more complex than expected. Short term we could see a move closer to 1.6235 before the final decline towards 1.6011 should be expected. However, a break above 1.6235 will be a warning, that the bottom of wave C of the expanded flat correction could be in place, but to be sure we need a break above 1.6263 and more importantly a break above 1.6348, which will confirm the bottom for a new rally higher to 1.7475 and higher.
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