The failure to build on the rally from 143.74 has shifted the alternate count to be our new preferred count. Under this count, we only saw the completion of a triangle wave b at 146.51 peak and wave c of 2 is now in motion. Under this count, wave c should continue lower to 141.05 to complete wave 2 and set the stage for wave 3 higher again.
Resistance is now seen at 143.86 and again at 144.26.
R3: 144.66
R2: 144.26
R1: 143.86
Pivot: 143.74
S1: 143.16
S2: 142.31
S3: 141.75
Trading recommendation:
Our stop+revers at 143.70 has been hit. We need to start by placing our stop all the way up at 145.40. We will take profit at 141.25.
