Bias: The 140.71-99 area may be tested first but then produce losses below 139 for 137.88 at least
Break of 141.96 saw losses extend and these became quite aggressive to finally reach the 139.00 level. Today may well see an early bounce but I can't see these reaching above the 140.71-99 area. Thus only look for a stronger recovery if the 141.00 level breaks. If seen then look for price to push above 141.56 and to the 142.00-10 pivot area. Take care here. Only above maintains the upward momentum for 142.75, 143.00 and stronger resistance at the 143.57 corrective high.
30th March: I feel we should see the correction reach the 137.88 support at a minimum and possibly 136.90 but while these support the upside can begin to be seen. A move back above 141.00 and then 142.00 would assist with gains back to 143.57 and the 145.07high.
Breach of key support has allowed the downside to decline quite sharply and reach 139.00. While the 140.71-99 area caps in any earlier correction I feel there is a good risk that we'll see the decline continue below 139.00 and to 138.77 minimum. Take a little care here but I actually feel that we'll be seeing a deeper decline through to 137.66 and possibly 136.90. Stronger support is at the 134.87 low...
30th March: This decline appears too deep to generate a recovery to new highs but I'm not so sure we'll see losses extend too much. I see support at 137.88 and 136.90 being wave projections. Only below the 134.87 major corrective low would cause much stronger losses at this stage.
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