The support cluster at 101.74 has given way and focus now shifts to 101.50 to contain this pullback. If this is indeed a wave-2, then we’d still need to witness a recovery back above 102 to confirm that the retracement is complete and a new rally is underway. S/t, the deep 76.4% retrace is 101.48 and it is not uncommon that wave-2’s carry to this zone. Still prefer to see a bounce back through key upside levels before initiating longs. Topside resistance for today is 101.86 & 101.98. Conviction: Med Levels: Support – 101.50, 101.24, 100.82 Resistance – 101.70, 101.86, 101.98
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