The cross has completed a clean 5-wave decline, the one knock is that wave-(v) is small and so we have to be open to an extension lower yet. For now we favor a robust correction towards 139.43 with a maximum target up to 140.17. The down channel from early May has been bettered and the first series of Fib retracements (each orange zone is the alignment of multiple retracements) is 138.85 followed by 139.10. Support is now 138.52 and that will be critical to this countertrend rally call. Conviction: Medium Levels: Support – 138.52/44, 137.98 Resistance – 138.85, 139.10, 139.43
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Nomura