With the breakout above .8505 confirmed, there is a target zone developing at .8585. From the October low,the wave-2 consolidation between .8428/.8505 led to the current wave-3 rally which is in its final stages. Theconsolidation taking place above the breakout is forming a bullish wave-iv triangle ahead of wave-v of 3 rally.S/t, the pivotal .8505 level is now key support and resistance near-term is .8555. Once .8555 gives way it willclear a path for .8585 which is where the current wave-3 equals wave-1; also wave-v will reach symmetry withwave-i. This is all part of a major bounce off channel support that is likely to lead to channel resistance at .8735.Levels: Support – .8520, .8505, .8490 Resistance – .8543, .8555, .8585
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