Thursday we proposed the idea of a bullish triangle consolidation to mark wave-4. That analysis has played out to a tee so far with prices tracing a waves-b & c since the initial wave-a decline. This week, continued range bound trade can set the stage for an eventual wave-5 breakout. S/t, support is 108.39 and critical to the triangle call is 108.01. A rally through 109.23 promotes the idea that wave-d higher is unfolding; the target for this leg of the coil is 109.56. Conviction: Med/High Levels: Support – 108.39, 108.01, 107.38 Resistance – 109.23, 109.56, 110.10
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