Bias: The downside seems more at risk and could reach 149.44-149.86
The 152.95-153.26 area looks like solid resistance and I suspect we may have seen the high already and should be heading lower. Thus, only a break above 153.26-30 would cause a stronger reaction higher and extend gains towards 153.81 and 154.06. Take a little care here as this area may well cause a small reaction. Above 154.06 is required a for a stronger rally that would then extend through 154.46 & 154.86 and towards the 155.51 high. Any earlier decline into the 149.44-86 area should be observed for a bullish reversal pattern as I feel this will provide a correction higher.
26th August: We are going to require a move above yesterday's 155.51 high to generate any stronger bullish structure..
I feel the corrective high is in place at 152.95 though we should perhaps allow for 153.26. A break below the 152.00 lows would appear to confirm additional losses that should extend losses down through 151.45-50 and to yesterday's low at 151.08. This broad area should cause a temporary stalling of the decline for a correction. However, once complete I will look for losses to the 150.46-70 area at least (again take care) but I feel the 149.44-149.86 area is the most likely target.
26th August: The downside probably has more risk at least to 152.17 but it may extend to 151.10-56 and at most 150.58. Only below 150.16 would maintain the bearish momentum for 149.13-60 and then 148.20.
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.