The bear flag we highlighted yesterday did realize a breakdown but it was short-lived. Our 101 target was not met although prices did fall to 101.24 to satisfy wave-c of E of the large wave-[4] triangle. Clearly too early to declare the coil complete but a rally through triangle resistance at 102.36 and then the wave-D high at 102.80 would boost our conviction that a more robust rally is unfolding. (daily) S/t, the hourly chart hones in on the decline from the wave-(b) triangle within this latest 3-wave decline from 102.17. The channel breakout and rally through 101.63 offers early signs that the decline is satisfied. Targets for the current wave-3 rally are 101.83 and 102.08. Conviction: Med Levels: Support – 101.53, 101.41, 101.24 Resistance – 101.80, 102.08/17, 102.36
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