Bias: Upward momentum is still firm so expect further gains but watch resistance at 147.40-50 and the 149.14
The rally has exceeded my expectations and hourly momentum still looks firm… However, do note that there appears to be a long rising wedge developing and this could slow upward progress. Immediate resistance is at 146.90-97 followed by 147.40-50 and the upper area looks the favored peak so take care here. Thus, only above 147.50 would extend gains more aggressively through 147.85 and 148.22-58 to then target the 149.14 area. If seen I feel this will cap for a correction. Note further resistance at 149.93.
3rd December: Watch resistance at 147.50-60 - only a break above here would appear to imply a much stronger rally towards 149.14 initially and after a correction even higher.
This rally has gone on for much longer than I had expected but note the bearish rising wedge. The base is rising sharply and currently around 145.60. With hourly momentum still rising there seems to be risk of gains but watch the 146.90-97 area first and consider what momentum is doing. Until the wedge base breaks there may still be risk of seeing 147.40-50. If we finally get an hourly bearish divergence look for a break of the wedge base and once this occurs we should see quite firm losses that have a final target between 141.00-50... On the way note the 144.94 and 144.30-70 areas that could stall the decline.
3rd December: I suspect a high somewhere between 146.90-147.50 and once the rising wedge breaks look for losses that should reach the 141.00-50 area initially and then the 139.30 low.
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