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Price: 156.40

Bias:Overall we are bearish but expect a correction from the 155.80-00 area
Daily Bullish:It looks like the 157.64 level produced the high we had been looking for and thus we are cautious about any bullish stance. However, we do note support in the 155.83-00 area and while this holds we feel a correction higher is possible. There is resistance at 156.78 and this may just hold. Above extends the upside to 157.00-05 and 157.30-35. The 157.82 resistance also remains valid. MT Bullish:We are seeing a move to the 157.77-82 target which we feel will cap. Thus only a clean break above here would extend to 158.65-86 at least and potentially the 159.61 peak. (March 22nd)Daily Bearish:We have seen losses as preferred but we feel that we are close to a short term low. Internal relationships appear to highlight the 155.83 area although we should also be aware of 155.58 as a potential target. Thus a stronger bearish stance will require a break below 155.50 and if seen would extend losses down to 154.55-71 and possibly lower. MT Bearish:It looks like the 157.64 high produced the peak we had been looking for and this suggests a larger decline towards 151.70-152.15. (March 26th)


22nd March

We look for a test of the 157.82 area and suspect his will be Wave ^b of a triangle and cause a reversal lower. Only above would raise the risk of a retest of 159.61 in a flat correction.

26th March

We now label the 157.64 peak as Wave ^b and thus we should see a decline in Wave ^c down to the 61.8%-66.67% projection between 151.70-152.15.
Ian Copsey
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