[B]MAIN ANALYSIS[/B]: As expected the first move yesterday was back to the 107.09 area, the low seen at 107.07 and was followed by a return to the 107.60-70 area. This should now extend towards the 108.28-58 projection (and I tend to favor the higher.) Look for a correction of around 40 points before the next leg higher around 109.35-50. Here I see a cap developing and for a deeper correction lower...
[B]COUNTER ANALYSIS[/B]: Only a direct break above 109.90 would concern and risk a more direct rally as far as 110.98 and beyond there is the 111.43-59 highs.
Only a break below 107.00 would frustrate and then we'd have to be cautious of a recycling back to the 106.31 low. Also note the deeper 105.41-74 retracement area.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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