We stopped out at 1.0907 on a long position at 1.0947 that was in anticipation of a larger break. Until we can close above the 1.0955/61 highs, we do not have a confirmed breakout but we continue to view this sideways range as a bottoming process that projects initial gains up to 1.1069. From an Elliott perspective, the set-up from 5/8 is a wave-1 impulse and complex correction via a wave-2 expanded flat. Wave-3 is already underway has completed a smaller degree rally/correction sequence. The current wave-ii pullback is within a wide support zone between 1.0889-1.0855. Longs in this zone need use a new low as a SL in anticipation for a sharp rally through 1.0950. Conviction: Med/High Levels: Support – 1.0873, 1.0855, 1.0823 Resistance – 1.0920, 1.0955/61, 1.1069
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