Prices are in a minor consolidation between 101.20-101.88 following the sharp 5-wave decline from 103.50; this is best viewed as a bearish continuation (triangle?) as is expected to resolve lower. Key support is 101.20 followed by the Feb lows and Fib support at 100.77; a break shifts our focus towards 99. For today, minor pivot resistance is 101.79 and 101.88 above. Once below 101.28 the more bearish Elliott interpretation takes hold and suggests a powerful wave-3 decline ahead. The key range remains 101.88-101.20 where the latter promotes our bearish outlook. Conviction: Med Levels: Support – 101.57, 101.28/20, 100.87/77 Resistance – 101.79, 101.88, 102.42/86
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Nomura