We have yet to eliminate any of the 3 Elliott alternatives within this range but last night’s sell-off below 102.10/05 weakens the outlook for a move to the mid 103’s. Taking center stage again is the bull triangle; since wave-D up is satisfied with a 3-wave rally, we now will look for a final, choppy wave-E decline. (dly) S/t, support today is clustered between a symmetry target, channel support and the .618 retrace at 101.97/95. A bounce from just below current levels can carry back to 102.22/36 but the path of least resistance for wave-E should halt any rallies at this zone. (hrly) Conviction: Med/High Levels: Support – 101.95, 101.43, 100.82 Resistance – 102.12, 102.22, 102.36
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