The decline from 103.09-101.51 unfolded in 5 waves and we have marked this wave-A of an A-B-C move. Last night, the rally met the wedge target line and prices reversed accordingly. Now with waves-A & B complete, a wave-C decline to below 101.51 can satisfy the larger 3-wave corrective pattern. S/t, a move below up channel support at 102.40 can promote the downside view (already the initial decline looks impulsive). Resistance is 102.66. Also note the RSI position and the failure to move beyond 60 during the corrective rally higher. A more aggressive target for wave-C is equality with “A” at 101.09. Conviction: Med Levels: Support – 102.23, 102, 101.51 Resistance – 102.66, 102.93, 103.09
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