Back after a week away and there is little change in price. Starting with the daily chart, the bear flag still takes precedence and we favor a break of 101.33 in due time. The latest rally retraced to the .618 Fib level and quickly reversed forming a bearish doji candle on Friday. After/if key support yields at the 101.33/21 zone, the next measured move target is 100.22 which would undercut the old 100.76 low (a likely level for stops). (d) The 240min chart shows the Elliott interpretation post the sharp, early April decline. Sustaining this move below 102 is key to the bearish outlook and a move above 103 negates the proposed (a)-(b)-(c) rally. (240m) Conviction: Med Levels: Support – 101.87, 101.33, 101.21 Resistance – 102.76, 103.06, 103.46
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