The consecutive 3-wave moves since 102.70 on 2/11 typifies a triangle consolidation. Once the coil completes a new uptrend towards 103.72 can lead to halt the (a)-(b)-(c) rally from early February. S/t, wave-d up targets 102.50 which equates to .618 x wave-b and is a small pivot high. From there, one more decline to just below 102 would satisfy a 5-leg triangle and set the stage for a resumption of the rally from 100.77. A rally to ~103.77 would leave waves-(a) & (c) equal and meet a 61.8% retracement of the decline from the December highs. Support for today is 101.67 with resistance at the wave-d target near 102.50. Levels: Support – 101.67, 101.39, 100.77 Resistance – 102.50, 102.70, 103.44/70
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Nomura