INTRADAY CHART
BIAS: We should see losses to 110.75-00 for gains to then reach 121.00-20 (over a few days…)
Resistance: 119.82 119.97-15 120.51 120.65-75
Support: 119.35-45 118.95-00 118.75 118.54
MAIN ANALYSIS: Hmmm… things have changed. Yesterday's strength was unexpected but now provides us with a stronger structure. The rally from 118.54 to reach 119.97 developed in 5-waves and this forms the penultimate high in this rally. It also implies a deep pullback in yesterday's rally. This should see the 118.75-00 area support. From here we should then see a move up to the 121.00-50 area approx.
COUNTER ANALYSIS: Only an earlier break below 118.54 would suggest I have been using an incorrect structure. It would likely see losses back to the 118.10-115 area and below there to 117.30-71…
Good trading
Ian Copsey
BIAS: We should see losses to 110.75-00 for gains to then reach 121.00-20 (over a few days…)
Resistance: 119.82 119.97-15 120.51 120.65-75
Support: 119.35-45 118.95-00 118.75 118.54
MAIN ANALYSIS: Hmmm… things have changed. Yesterday's strength was unexpected but now provides us with a stronger structure. The rally from 118.54 to reach 119.97 developed in 5-waves and this forms the penultimate high in this rally. It also implies a deep pullback in yesterday's rally. This should see the 118.75-00 area support. From here we should then see a move up to the 121.00-50 area approx.
COUNTER ANALYSIS: Only an earlier break below 118.54 would suggest I have been using an incorrect structure. It would likely see losses back to the 118.10-115 area and below there to 117.30-71…
Good trading
Ian Copsey