Wave summary:
The corrective decline in wave (iv) have pushed even lower than expected. The low has been seen at 118.19 and it will take a break above resistance seen at 119.51 to indicate that the correction is complete, while a break above resistance at 119.86 will confirm that wave (v) has taken over for the final rally in wave (v) of 3 to above 124.09.
R3: 120.32
R2: 119.80
R1: 119.51
Pivot: 118.95
S1: 118.60
S2: 118.19
S3: 117.60
Trading recommendation:
Buy a break above 119.51 and place stop at 118.15.
