We have now seen the expected dip close to our 141.05 target (the low has been seen at 141.17). We could still see a second attempt to reach the ideal target at 141.05, but it's not necessary. To indicate a low being in place, we need a break above minor resistance at 142.56, while a break above resistance at 143.44 will confirm that wave 2 has completed and wave 3 is developing for a rally towards 151.50.
R3: 143.44
R2: 142.85
R1: 142.56
Pivot: 142.22
S1: 141.81
S2: 141.46
S3: 141.17
Trading recommendation:
Our stop+reverse at 141.25 was hit for a nice profit of 245 pips and a nice long entry at 141.25. We will place our stop at 140.25.
