Price:   149.27

Bias:  While 148.70-87 supports I look for a deeper correction higher

Daily Bullish:

Well… that was a total reversal and from below my target. However, I think we're close to the end of the first leg lower and I feel this will stall in the 148.70-87 area. Look for a bullish reversal pattern here. Once it starts on its way the first area that could generate a correction is at 150.25-35. Thus take care. Only a break through this resistance would maintain the bullish momentum for 150.60-87 and probably above 151.04 towards 151.77 approx. Around here I feel there is risk of a cap. At most 152.20.

MT Bullish:

26th October:  The rally appears complete and I do not foresee new highs at this point. However, the 148.70-87 area should provide a decent pullback.

Daily Bearish: 

The size of the decline doesn't really surprise although I thought it would come from a high point. I don't think there's much more in this decline either - at most 148.70-87. Thus, to see any additional losses we'll need breach of both 148.70 and also a lower projection at 148.39. If seen then look for losses to extend further to 147.50-62 at least. Take care there. Next support is at the 147.07 low followed by 146.46.

MT Bearish:

26th October:   The rally appears to have found its high - lower than expected - but the decline should have ended the rally and we should therefore be looking for potential selling areas. I feel this may come somewhere between 151.04 and 151.77.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.