The conviction level is rising for a move the low 1.36’s. First off, we have the Gartley pattern, highlighted yesterday, that projects to 1.3612. Now, the hourly chart is tracing a bear triangle that suggests a breakdown at the 1.3785/90 level. We look for a sell-off from current level to be met with buying between 1.3660/3612 and another sharp rally to satisfy both the Elliott and Gartley analysis. (2 daily charts) S/t, the decline from 1.3906 registered 2 symmetrical a-b-c declines; what has followed since is a bear triangle that implies a move near-term to the triangle lows at ~1.3790 and then a break to the 1.36’s. (hourly) Conviction: Med Levels: Support – 1.3800, 1.3787, 1.3612 Resistance – 1.3855, 1.3865, 1.3906
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