An excerpt from Pro Commentary[B] Price:[/B] 161.95
[B]Resistance:[/B]162.15162.48162.80163.11[B]Support:[/B]161.61161.41161.10160.80
[B]Bias:[/B]While 162.48 caps I look for losses to 160.30-40 before a modest recovery
[B]Daily Bullish:[/B]Losses seen as expected and while 162.48 caps I envisage more today. Thus only a clean break above 162.48 would provide relief for the 162.76-80 pivot resistance which should also cause a correction. Breach extends gains to 163.11 and possibly 163.48. However, by the time we get up here I feel we should be careful about expecting too much more. Additional resistance is found at 164.04.[B]MT Bullish:[/B]It looks like a peak has been seen and only a break back above 164.96 would imply a move to 165.49-87 but then we need be careful there also. Next resistance is at 166.54-78. ([B]24th April[/B])[B]Daily Bearish:[/B]I am encouraged with yesterday’s losses though these didn’t quite reach as low as I’d hoped but I feel that while the 162.48 area caps there is still downside potential. Back below 161.60 would encourage back to yesterday’s 161.10 low with extension expected to reach the 160.22-40 area where I anticipate a slightly larger correction. Next support is found way down at 159.25.[B]MT Bearish:[/B]It looks more likely that we shall see losses with a break below 162.30-40 triggering stronger follow-through to 161.40, 161.01 and more likely 160.22-40 en route 159.25 at least. ([B]29th April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]25th April[/B]
The decline yesterday moved to the 161.8% projection in minor Wave c to 162.90. This should be counted as Wave i.
We now need to establish the end of Wave ii with 163.80-95 being a key pivot resistance that should hold. In the short term we should be wary of a complex Wave ii in a flat or expanded flat. This latter pattern would imply a move down to the 38.2% expansion at 162.56 and then back to the 163.80-95 area.
Direct loss of 162.56 would imply a 176.4% projection in Wave ii to 160.22 at least.
[B]30th April [/B]
I feel that we have seen Wave a of Wave –iii- and thus while 162.48 caps we should see extension to the 160.22-40 area.
Ian Copsey
[B]See Also[/B]
[ul]
[li]Pro Commentary[/li]Powerful analysis for profitable trading[/ul]