RSI momentum has tested the bullish 40 zone and this compliments the idea of a bullish triangle consolidation in the cross. A wave-(d) rally is expected in short order as the coil is still lacking the final 2 legs to complete wave-(4). Eventually a wave-(5) rally can carry beyond 180. (daily) S/t, the latest wave-(c) decline unfolded as an a-b-c-x-a-b-c correction and retraced right to the .618 Fib. Near-term channel resistance is 175.90 and a move above can signal that wave-(d) is well underway. The ideal target for wave-(d) is 180.45 where a .618 relationship with wave-(b) presents. Key support is 173.70. Conviction: Med/High Trade: Flat. Took Profit near wave-(b) low (1.6075) Levels: Support – 174.03, 173.70, 173.00 Resistance – 175, 175.90, 176.65
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