Yesterday’s intraday IB updates focused on the near-term wave-(4) consolidation. The pattern from 100.82 is a very clean impulse so far and the latest pullback fits as the final correction (a bull flag) prior to a final wave-(5) rally to complete the series. Wave-(2) retraced 50% of the wave-(1) rally; wave-(4) retraced 38.2% of the wave-(3) rally and both (2) & (4) were proportionate in terms of time. The targets for wave-(5) up are based off extensions of the previous rally. The first level is 103.08 (this aligns nicely with the 5/2 high. The second target is 103.60, this aligns nicely with a longer term target from the daily chart. Through 102.73/80 is the signal needed to promote this outlook, 102.14 is the stop loss. Conviction: Med/High Levels: Support – 102.24, 102.14, 101.50 Resistance – 102.73, 102.80, 103.06, 103.60
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