An excerpt from Pro Commentary [B]Price:[/B] 162.44
[B]Resistance:[/B]162.60162.88163.20163.54[B]Support:[/B]162.06161.82161.57161.13
[B]Bias:[/B]While 162.88-13 caps the downside still appears to be the more vulnerable side
[B]Daily Bullish:[/B]Loss of 163.30-40 provided the signals for losses that reached the 162.13 target and minor breach to 162.06. This is producing a correction and I feel this has legs to 162.88 but take care there as in a more bearish structure this should cap. Breach would extend the move to 163.13-29 and if seen would tend to suggest that we have merely seen a correction lower. As such we could then see gains back above the 163.50-54 pivot resistance and to 163.89 before the 164.20-46 highs. [B]MT Bullish:[/B][B]3rd June:[/B] Yesterday’s losses place doubt upon any further upside but I’d be forced to consider this on a break above the 163.13-29 area. If seen then look for a swift retest of 164.20-46 and above to the 164.96 high. [B]Daily Bearish:[/B]Losses came as preferred, stalling at 162.06 and while the 162.88-13 area caps there is still argument for additional losses. A move down from this resistance that breaks below 162.06 would provoke further strong losses to 161.57 minimum and probably the 161.13-25 area which should cause a correction higher. [B]MT Bearish:[/B][B]30th May:[/B] The picture is as clouded as before and only below the 163.29-41 lows would raise the chance of follow-through below 162.56 and 162.15 en route 161.25.
[B]ELLIOTT WAVE COMMENTS[/B]
[B]2nd June [/B]
The wave structure remained very messy but the low at 163.07 was a 38.2% expansion of the recovery from 163.29 to 164.21 and the recovery back to this high argues for an expanded flat which means we should now see losses.
A break below 163.07 would confirm and suggest a minimum Wave iii target at 162.57 (138.2%) and more likely 162.13 (176.4%.) Take care here as this could cause a pullback else we may well be talking about a 261.8% projection to the 161.13-25 area.
Only above 164.46 would imply a retest of the 164.96-00 area…
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]Pro Commentary[/li]Powerful analysis for profitable trading[/ul]