Bias: I feel there is still risk of slippage to the 153.48-60 area before a correction
Losses have taken an extremely direct route lower and we must be aware of the possibility this will continue through to the 153.48-60 area at least. Look for a bullish reversal pattern around there. If this breaks then the next support to look for is at 151.14. Only an earlier break back above 155.50-70 would dent the more direct route lower and generate a recovery above 156.02 to the 156.50 level at least. I suspect this will hold but note the next larger resistance at 157.19.
23rd June: Losses are now becoming more aggressive and I feel that the upside must be put to one side right now. Only back above 156.50 & 157.19 would trigger an earlier recovery to 158.00-20 and possibly 158.50-70.
Losses have already broken the 154.96 low and this should lead to further losses. I'm not even sure we'll get much of a pullback but if we do the 155.50-70 area should stall the correction. Below 154.62 would extend losses directly to 153.48-60. Take care here and watch for bullish reversal patterns. If this support gives way then the next target is all the way down at 151.14..
23rd June: We have seen the break below 154.95 and should confirm a larger target all the way down at the 143.02-144.00 area. In the meantime I see losses being extended to 153.48-60 at least and possibly 151.14. A correction from one of these areas should be seen before an eventual move towards the 143.02-00 area€¦.
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