We have so far seen a modest pullback/consolidation this week. Our view was that this could mark wave-4 or (4) and our base case is that the latter is unfolding. It is critical that Wave-(4) holds above the wav-(1) high at 103.09; once the pullback completes another up wave can commence. S/t, the focus for wave-(4) is 103.50. The previous wave-4 of one lesser degree and the a=c symmetry target align at 103.50; there also would be a relationship (.618) between waves-(2) & (4) at this level. Conviction: Med Levels: Support – 103.75, 103.50, 103.30 Resistance – 104.17, 104.49, 105.44
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