The shooting star led to a muted decline to 102.50, far above our pullback target for wave-4. Yesterday’s price action indicates that the choppy sideways correction from 12/2 completed and wave-5 of (3) is well underway; the target for this rally is based on our long standing symmetry projection of 104.60. (240min) S/t, support is now recent pivots at 103.98/72. For today look for further sideways consolidation between 104.36/103.78 as a wave-iv correction completes ahead of a new rally towards 104.60. The hourly chart outlines the completed A-B-C correction and the quick resolution in to the current wave-5 rally. (60min) Levels: Support – 103.98, 103.72, 103.28 Resistance – 104.37, 104.60, 105
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Nomura