Monday we talked about the 103.91 target relying on symmetry targets. Prior, prices are correcting the wave-(iii) rally to 102.61 via a large sideways range between 102/103.50. The correction so far has respected a month-long upchannel and the top of the previous wave-iv consolidation at 101.92. S/t, channel and pivot support surface between 102.17/101.92. Resistance is 102.84; in order to signal that the correction is complete a new high above 103.38 is required. With strong support in the ~102 zone we continue to favor a move towards ~104 where multiple targets align including wave-(i)=(v). Levels: Support – 102.24/12, 101.92, 101.15 Resistance – 102.84, 103.38, 103.91
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Nomura