Yesterday’s call for a sharp rally was realized as prices broke 107.50. We still maintain our outlook for a test of the 110 highs that can allow a double top to form. Along with the old highs, the midpoint target on the hourly chart is also…110. A series of impulses higher are still needed to complete the 5-wave rally from 105. S/t, a small bull consolidation (triangle) is tracing to mark a wave-iv’. We favor just a shallow range here but critical support below is 107.39. A move through 108.35 will signal that the next leg up is underway. Conviction: Med Levels: Support – 107.55/39, 106.25, 105.53 Resistance – 108.35, 108.74, 109.23
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