Yesterday’s call for a bull flag rally on the hourly chart did see a resolution higher to 102.36 (well short of the 102.50 target). The rally is failing at the 50% retrace of the August decline and the 102.36 level could be marking wave-B of a larger A-B-C decline. IF a new wave-C decline is unfolding, at a minimum a move below 101.51 can be expected. S/t, support is 102/101.7 today and key resistance is 102.36. The first decline from 102.36 was a 5-wave impulse and that implies a continuation lower in the coming days. Conviction: Med Levels: Support – 102, 101.71, 101.51 Resistance – 102.36, 102.93, 103.09
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