Bias: I suspect the correction is complete and we should see losses to 126.07 & 123.85
The bearish scenario didn't play through yesterday but I feel it has a stronger chance today. Only while the 127.03-46 area supports and generates a recovery back above 128.97 and to be safe 129.55 would mean the downside is probably over for a while and we should then see gains through to 130.76-00 and 131.74 at least. If seen I feel this will hold on first test. Next resistance is then found at 133.07 & 133.62.
20th April: The downside is definitely the stronger risk and only back above 130.00 now will cause a stronger reaction higher.
The cap at 128.97 does seem important and I feel that we should now see the downside I have been arguing for. There is minor support at 127.03-46 and I doubt it will cause much of a reaction if any and I suspect we'll see a move all the way back to the 126.07 low. Now, this could cause a correction so take care. Breach would mean it is going to reach the 123.85 target more directly but take care at 125.38 on the way.
20th April: I suspect that while 129.54-70 caps any pullback from 127.85-08 the next leg lower may well be the last and should target the 125.38 area at least. Preferably this should hold. However, note the next support at 123.85.
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