Today's Support and Resistance Levels:
R3: 132.14
R2: 131.48
R1: 131.16
Current Spot: 131.07
S1: 130.86
S2: 130.64
S3: 130.26
Technical Summary:
Wave i of the new impulsive rally ended at 132.14 and has been followed by an zig-zag wave ii correction. This wave ii correction is still ongoing as long as minor resistance at 131.16 and more important resistance at 131.48 protects the upside. As long as these resistance Levels protect the upside I will be looking for one last decline closer to my target at 130.64. That said we have to remember, that this is a wave ii correction and second waves are allowed to correct all of the first wave, but it can never break below the starting point of the first wave, which in this case is at 129.30. However, once we have seen a test of support at 130.64 or a break above 131.48 we are looking for a new powerful rally higher towards at least 133.48 and more likely 135.24.
Today's Support and Resistance Levels:
R3: 1.6806
R2: 1.6744
R1: 1.6654
Current Spot: 1.6586
S1: 1.6582
S2: 1.6485
S3: 1.6409
Technical Summary:
This wave ii correction has proven to be a harder nut to crack than expected. Once again we have taken out what could have been the final low and once again I have had to adjust my short term count. Once again we could be at the low for this wave ii correction, which now has corrected 70.7% of wave i. However, second waves are allowed to correct all of wave i, but can never break below the starting point of wave i, which in this case is at 1.6325. Again we are seeing a possible hidden divergence, but it could also be a warning that we still have more downside to come. To end this wave ii correction we need a break above resistance at 1.6651 and more importantly a break above 1.6806. A break above the later will confirm that wave ii has finally come to and end and wave iii higher towards at least 1.7968 is developing.
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