The 4-hour chart shows a pivotal zone for support today as prices are testing the sharp up channel that contained wave-(iii). The 5-wave rally from 103.56 is what shifted our focus to look for a correction in the near-term. A move lower to test the most recent breakout could see a fall to 107.39. S/t, support, via the up channel, is 108.65; below yesterday’s pivot low at 108.26 is another signal that a correction is underway. The bull flag pattern contrasts with the call for a deeper correction so a rally through 109 can neutralize our near-tem bearishness. Conviction: Med Levels: Support – 108.65, 108.26, 107.39 Resistance – 109.00, 109.46, 109.96
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