Bias: I look for a retest of 127.63 and while any pullback remains above 126.50 for gains to 128.62-68
We saw gains reach the 127.66 minimum target from where we have seen a correction. This remained above 125.52 and thus we should be seeing the last leg higher in the rally. Today should see a retest around the 127.66 area but should generate a correction back to the 126.50-60 area. From there look for the final leg higher to the 128.62-68 target where I feel a larger reversal lower is possible. Only above 128.80 maintains the upward momentum for 129.69...
13th March: 13th March: Price has taken a rather unusual route but does seem to imply that we should see the final attempt towards the 128.18 minimum target and probably the 128.70-90 area.
I feel the best selling opportunities will come at 127.60-70 for a correction back to 126.50-60 and as long as this generates a move to 128.62-68 I feel a long term cap should be seen and thus a strong opportunity for a topping pattern to confirm losses. Only an earlier break below 126.50 and then this morning's 125.52 low would imply a sooner reversal lower. If this breaks then look for follow-through to 124.00 (take care) and probably all the way back to the 121.71-122.10 lows...
10th March: We are close to a break lower - although there still seems more risk of a move to 128.88 at least - may be further. If the 121.71-10 area gives way then the upside is exhausted and should cause stronger losses.
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