This rally to a new high does satisfy wave-5 and there is finally a proper momentum divergence in place between RSI and price (price has made new highs, momentum has not). Also, there is a strong Elliott channel where the line connecting waves-2 & 4 parallels nicely with the line connecting waves-3 & 5. (daily) S/t, the count is not ideal and the rally overnight, as strong as it was, does have the characteristics of a 3rd wave. Because of that and the uptrends and breakouts intact, we’ll need to see a clear 5-wave decline on the hourly charts in order to raise the case for a completed 5-wave rally. (240m) Conviction: Low/Med Levels: Support – 110.20/10, 109.36, 109.18 Resistance – 112.70
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