Thursday, June 1, 2017


BIAS:              We should see this initial rally reach 111.25-46 for a pullback

Resistance:    110.10-17     111.25-46     111.64     111.94

Support:         110.72          110.47          110.23     109.85-90

MAIN ANALYSIS:             We saw a break below 110.87 and this triggered the final zigzag down to 110.47. From there we are seeing a rally that should reach to between 111.10-17 for a minor correction (maybe less than 10 points) and then for a follow-through in 3-waves that should reach the 111.25-46 area approx. Once seen, we should see a pullback - depth unknown. Once that low has been established we should see a second rally back above the first and could move towards the 112.13 high - perhaps above.

COUNTER ANALYSIS:    A direct break below 110.47 could test the 110.23 low. A break below would concern but I shall have to assess the final decline to 110.23 to see if an overlap could be seen but I'd still be looking for the upside overall. 

Good trading
Ian Copsey

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