Bear flag support is containing this decline just above the critical 101.21 support level. The level is key because it is a series of pivot lows and a Fib extension target, also below there begins to negate the alternate triangle analysis. If prices do break 101.21 then we’ll look for a move to 100.76 and 99.46. (d) S/t, the hourly chart is tracing a small bear flag that fits as wave-4 in the decline from 104. A break of 101.42/37 signals that the coil is complete and a move towards 101 is underway. Above 101.87/97 negates our triangle call and suggests an upward correction. (h) Conviction: Med Levels: Support – 101.42, 101.37, 101.21 Resistance – 101.87, 101.97, 102.16
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