Price made a weekly close just above Monthly S3 and also bounced
off the Yearly S1 (strong support). Bias is of course to the downside
medium term, since the breaching of the LT trendline and previous
multi year swing lows, the last one at 1,1640.
IF a correction will take place before the reaching of AB=CD
pattern completion at 1,11, this current level (Yearly S1/Monthly S3/
Pitchfork Median line confluence) is the best pick, since the 61,8 fib
of the 2000/2008 swing at 1,1214, stands very close to the D point.
Now, because of the fast action, I still think an extended D point is
more realistic, which would target the 1,0320 level. Above that
stands the Yearly S2 at 1,0830.
A bounce from current level will find resistance at 1,1790 (76,4 fib
of CD leg and Monthly S2) and above that the rock resistance at 1,2130-1,22.
off the Yearly S1 (strong support). Bias is of course to the downside
medium term, since the breaching of the LT trendline and previous
multi year swing lows, the last one at 1,1640.
IF a correction will take place before the reaching of AB=CD
pattern completion at 1,11, this current level (Yearly S1/Monthly S3/
Pitchfork Median line confluence) is the best pick, since the 61,8 fib
of the 2000/2008 swing at 1,1214, stands very close to the D point.
Now, because of the fast action, I still think an extended D point is
more realistic, which would target the 1,0320 level. Above that
stands the Yearly S2 at 1,0830.
A bounce from current level will find resistance at 1,1790 (76,4 fib
of CD leg and Monthly S2) and above that the rock resistance at 1,2130-1,22.