The aggressive bounce Tuesday stalled ahead of $1224.3 before reversing sharply lower and reconfirming the renewed bearish focus. Immediate focus remains on $1179.5-1186.2 with bears needing a close below $1179.5 to shift overall focus to the 2014 low. The sharp correction lower Tuesday adds weight to the bearish case with bulls now needing a close above $1205.8 to ease the bearish pressure and above $1224.3 to shift focus back to $1237.7-1240.6
RES 4: $1237.7 – 50% Fibonacci 1345.3-1130.0
RES 3: $1224.3 – High Dec 15
RES 2: $1205.8 – Hourly resistance Dec 16
RES 1: $1199.9 – Hourly resistance Dec 16
LPRICE: $1197.0
SUP 1: $1186.2 – Low Dec 5
SUP 2: $1179.5 – 61.8% Fibonacci $1142.9-1138.6
SUP 3: $1167.2 – Bollinger band base
SUP 4: $1146.7 – Low Dec 1
