Yesterday’s call for a “rally to complete wave-3/c expected to test key 102.27 level” has been realized. Resistance from the 7/3 high (and resistance from the Jan downtrend at 102.37) can halt this rally in the near term. S/t, we would look for a pullback to above 101.79 because the market has completed a 5-wave rally from the 101.09 low. This pullback can fit as waev-4 and since wave-2 was quick/sharp, we would favor a shallow/labored correction for wave-4 (ideally it would unfold as a triangle). Conviction: Med Levels: Support – 102.16, 102.04, 101.94 Resistance – 102.27, 102.80, 103.02
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