Today's Support and Resistance levels:
R3: 132.27
R2: 131.86
R1: 131.49
Current Spot: 131.36
S1: 131.04
S2: 130.72
S3: 130.34
Technical overview:
With the break below support at 131.05 we have got the first sign, that the b-wave rally since the 124.96 low is becoming weaker. It is still to early to tell whether wave b has terminated or we can expect more upside closer towards the former top at 133.81. To confirm that wave b has terminated we need a break below strong support at 129.67. As long as this support protects the downside we should stay focused towards the upside for a continuation of this bumpy b-wave closer towards the former top at 133.81. However, a break below 129.67 will confirm that the b-wave has terminated and wave c lower towards at least 124.96 and possibly lower has taken over.
Trading recommendation:
Our stop at 131.00 was taken out for a small profit. As we do not have a clear wave count we will stay neutral till the count clears up.
