Bias: This looks as if it could move back down to 128.30
In fact we saw a break above 130.42 which did extend the gains back to the 130.86 high and a few points more. While 130.30-40 supports I still feel we can see one more leg higher to 131.35 (allow for 131.65.) However, I feel this is the most we shall see and thus look for a bearish reversal pattern. Any stronger bullish stance will require a break above 131.65 and if seen then look for stronger follow-through above 132.05 and 132.50 to reach 133.10 at least. Take care here as there is a chance this could generate a correction. Also note next resistance at 133.91 and 134.54.
14th July: Only back above 131.60 would spur additional upside towards 133.10 at least - possibly even 133.91 and 134.54-80.
I feel we should have a crack at the 131.35 area early today. However, I look for a peak in this area and for losses which should be substantial. First support is at 130.30-40 and while the 131.35 target is possible this should support. Thus from 131.35 or directly below 130.30-40 look for losses to move down to the 129.56 corrective low. This should cause a correction. However, it shouldn't be too deep and I see eventual loss to generate additional losses down through 129.00 and 128.50 and to the 128.00 corrective low. From this point we need be careful as the larger picture calls for two legs lower and this may be the end of the first. Below 1.2800 will retest the 126.99 low.
15th July: From 131.35 I feel we shall see losses to the minimum target at 126.10 and potentially to 125.31.
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