A Triangle breakout is taking place bolstering the call for a thrust higher to 104/106 in the coming months. The next pivot resistance is 100.61 and believe it or not prices still need to get above that level to register a meaningful higher high to confirm that this coil is DONE. (daily) S/t, the wave-(3) rally off the 97.62 low is unfolding nicely having completed waves-1 & 2 so far. The wave-2 pullback to 99.11 landed in the ideal retracement zone (we’ve been highlighting this in intraday IB updates). Wave-3 higher is underway and is expected to take prices to above 100.60. Key support is 99.80 and 99.56. Wave-(i) up is probably near completion, any pullbacks can test proposed support between 99.80/56. (hourly) Levels: Support – 99.80, 99.56, 99.11 Resistance –100, 100.61, 101.53
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Nomura