The Daily Forecaster

[B]BIAS[/B]: The 81.00-06 support remains key for a recycling higher - above 81.85 confirms

[B]Resistance[/B]:... 81.67........ 81.80-85... 82.15... 82.35-55
[B]Support[/B]:........ 81.40-45... 81.19........ 81.01... 80.58-80

[B]MAIN ANALYSIS[/B]: I continue to feel that the 81.00-06 area is important. That it was not touched yesterday does not rule out direct recycling higher. Above the 81.80-85 pivot resistance will raise the risk of this developing. If seen it should encourage gains through to 82.35-55 and perhaps around 82.76 enroute the 82.99-20 area. Watch this area since as long as this caps we can see further losses. Above 83.38 would trigger stronger gains and back towards the 84.17 high.

[B]COUNTER ANALYSIS[/B]: Thus, any direct break below 81.00 would see price edge lower and closer to the 80.58 corrective low. However, as we approach these levels I recommend taking care. The general area between the 80.01 & 80.58 corrective lows does still seem to provide a strong risk of completing this correction. We should also keep in mind the 79.80 and 79.39 supports. Once this correction is complete expect a stronger reversal higher.

Good trading
Ian Copsey

[B][URL="http://www.harmonic-ewave.com"]HARMONIC ELLIOTT WAVE[/URL][/B]