Technical Outlook and Chart Setups:
An interim resistance at 101.00 level has been breached. Let’s look into the wave structure once again:
1. The drop from 104.00 level serves as an impulse (5 waves).
2. Rally from 99.60 to 101.30 (yesterday’s highs) is in 3 waves.
It is safe to consider, that a wave 3 is set to resume a move down towards the 98/97 levels, which is also being reinforced by the 0.618 retracement of the entire rally between 94.00 and 104.00 lately. Taking this count into consideration, it is recommended to reenter selling prices here. Intraday rallies towards 101.00 level should be sold for now.
Sell intraday rallies towards 101.00 level, stop above 102.00, target 98.00 at least.
Good Luck!
