[B]MAIN ANALYSIS[/B]: Yesterday saw a long drift lower but without too much power and having reviewed the structure later in the day I feel that a move higher would be better to balance the structure. This will need a break above the 78.30 high to extend gains to around 78.64 for a minor correction before heading to the 78.95-12 area.. I expect this to cap and trigger losses back below 77.94.
[B]COUNTER ANALYSIS[/B]: Any earlier break below 77.90 would extend losses to the 77.66 low with stronger targets at 77.44 (favored) and at most 77.08 before a correction of around 40 points. Also note projections at 76.84 & 76.48 and what I feel may provide the final low at 76.19.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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