Even with the break of downtrend resistance neat 99, our concern is that we have not seen the end of this bullish triangle yet. The reason is that the final Wave-E was very short in time and price compared to the other 4 legs of the coil. If our concerns are realized, the final corrective leg is now underway and could yield further choppy trade over the next week(s) with targets circling around 97.16/96.76.
S/t, resistance is now surfacing at 100.11/23 and support is the Friday low at 98.54. The hourly chart outlines an a-b-c rally from 96-100 that is now complete. A break of 98.54 further supports the call for a continuation of this 3+-month correction. Levels: Support – 98.52, 97.85, 97.45 Resistance – 100.23, 100.59, 100.87, 101.53
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Nomura