Our outlook asserts that 101.07 marked a wave-E of [4] low to complete the 2014 bull triangle. There are now 2 significant topside hurdles even before the major confirmation level at 102.80. The wave-E, bull flag resistance line is 101.97 and the downtrend line from June is 101.88; along with recent pivot highs at 101.86, this zone between 101.88/97 can be formidable resistance ahead of the next move higher. (daily) S/t, this initial rally is likely marking a small degree wave “1” within a larger up trend. There is resistance just above current levels that could mark an end to the 5-wave impulse near 101.90. Support for pullbacks is 101.63/59; our bias is for marginal strength into key resistance followed by a countertrend correction. (hourly) Conviction: Med Levels: Support – 101.60, 101.44, 101.08 Resistance – 101.88/97, 102.27, 102.80
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