Yesterday’s comment laid out a case for 104.00/45 (104.20/45 to be more exact) based on both Elliott and Geometric projections. Prices are realizing the lower end of that target/reversal zone. The first daily chart shows channel resistance at key retracement and symmetry targets between 104.07/22. The second chart, the geometric pattern, suggests a confluence of targets between 104.20/45. Taken together, we would look for a test and reversal between the 104.07/45 zone in the next day to signal that the Feb/March upward correction is complete. Conviction: Med Levels: Support – 103.76, 103.44, 102.98 Resistance – 104.10, 104.20, 104.45
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Nomura