An excerpt from Pro Commentary [B]Price:[/B] 104.68
[B]Resistance:[/B]104.90105.27105.68106.06[B]Support:[/B]104.45104.28104.00103.65
[B]Bias:[/B]105.27 is likely to cap but while 104.40-50 supports we should see additional gains to 105.68
[B]Daily Bullish:[/B]Gains have developed in line with expectations but haven’t quite met the 105.27 first target, stalling just below the 104.95 level. I still feel we should see this progress to 105.27 but this should cause a pullback. While this remains above 104.40-50 we should then see the next leg higher to around the 105.68 peak but look for a slightly larger correction from there. Only a direct break above would take price more directly towards the eventual 106.82 target. [B]MT Bullish:[/B][B]12th May:[/B] Losses have moved down to 102.56 around where there is quite a strong pivot support area. I suspect this may well provide the basis for a final move to 105.57-68 and followed by 106.82 before a larger reversal. [B]Daily Bearish:[/B]The upside is progressing well and until otherwise proven we should treat any declines as corrective only. Indeed, the 105.27 level should provide such a pullback but any losses from here shouldn’t move below the 104.40-50 area – at most the larger pivot support at 104.00. Only consider the possibility of stronger losses on a break of this pivot support. If seen then next support will be around 103.25-35 followed by 102.18-56. [B]MT Bearish:[/B][B]7th May: [/B]I have to remain cautious here as I still feel the 106.82 target is achievable. We seem to be seeing a deeper correction with supports at 102.84 and maximum 102.18. Only below 102.00 would signal direct losses.
[B]ELLIOTT WAVE COMMENTS[/B]
[B]14th May[/B]
The recovery from 102.56 is encouraging with a minor Wave iii target at 105.27. While any Wave iv remains above 104.40-50 we should see Wave v develop towards the 105.68 high to complete Wave –a-.
Clearly this should be followed by a Wave –b- and finally a Wave –c- towards the 50% retracement in daily Wave (iv) at 106.82.
This would complete a triple three and should ideally be accompanied by a bearish divergence in the daily chart as well and in shorter time frame chart also.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]Pro Commentary[/li]Powerful analysis for profitable trading[/ul]