[B]MAIN ANALYSIS[/B]: We saw the correction which stalled 3 points below the low end of the 97.90-98.46 retracement zone and rushed lower from there to 96.42. This should now see the 96.97-15 area cap for losses to extend back down to 96.42 and probably to the 95.58-67 area. From that point take care. There is also a deeper projection at 94.94-15. Thus, in this broad projection area we should be expecting a correction higher and thus be aware of bullish trade set ups.
[B]COUNTER ANALYSIS[/B]: Only an earlier break above 97.45 would concern and suggest a push through to yesterday's 97.87 high and above there note pivot resistance around 98.50.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
[B][URL="https://www.facebook.com/HarmonicElliottWave"]HARMONIC ELLIOTT WAVE ON FACEBOOK[/URL][/B]
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