reached a new record high at 134.54 (April 28, 2015). Subsequent easing suggests 134.54 could be a swing high, allowing a 2-month rising wedge
to form on the daily chart
. The support lies at 125.50, the rising wedge
support, which should hold the corrective dip. However, failure to hold the 125.50 area would confirm a breakdown of the rising wedge
, projecting the downswing towards 113.53 ( wedge
target). Back above 131.59 (April 29, 2015 high) should delay bears and reopen the 134.54 peak for a retest.
Short term: bearish
Long term: bullish