The bull move which began in April 2013 has reached a pivotal position.
The CD leg of the move faltered at the 1.272 fib extension of the AB leg, following a classic harmonic scenario.
The subsequent correction down has hit previous support at the 1.5000 price level.
If this support holds then a retest of resistance at the 1.5890 area could follow.
A break above targets a completion of an AB=CD pattern around 1.6760.
A break below 1.5000 targets previous support at the 1.4000 level.
The CD leg of the move faltered at the 1.272 fib extension of the AB leg, following a classic harmonic scenario.
The subsequent correction down has hit previous support at the 1.5000 price level.
If this support holds then a retest of resistance at the 1.5890 area could follow.
A break above targets a completion of an AB=CD pattern around 1.6760.
A break below 1.5000 targets previous support at the 1.4000 level.