Bias: While 147.96-05 caps I look for losses to extend to 145.69-99
We have already seen losses to 147.02 since I started this report. This does look enough for now and should allow a correction back to the 147.96-05 area. However, this should cap for more losses. There is also resistance at 148.26 and only a break back above this resistance would turn back the direction to positive for a retest of the 148.90 pivot resistance and if this breaks then to yesterday's 149.84 high. I feel this should hold on a second attempt. Only breach extends the gains to 150.60-80 and above there is the 151.52 high.
4th May: The correction came as expected expect it has been much deeper than expected. However, I feel we are close to the end of this with the 149.00-57 area providing resistance. Thus only above would take us back to the area close to the 151.52 high but I suspect this should hold initially for a correction.
A cap was seen at 145.84 yesterday and this morning has generated the losses I have been looking for,. These have reached 147.02 so far and while any correction remains below 147.96-05 (max 148.26) I will look for the losses to resume back to 147.02 and while this may cause a brief pullback I suspect that the greater risk is for losses to 146.50 and more likely the 145.69-99 support area where I suspect we shall see a further correction higher. Only below sees follow-through to the next support at 145.05 and 144.50.
4th May: As we approach key resistance areas at 149.00-57 with bearish divergences developing a bearish reversal pattern in this area would suggest an initial drop back close to 145.40-70 and following a correction potentially all the way back to the 139.00 low a reversal to 129.74 is likely and while it may cause a brief correction I feel that we may well see a total reversal.
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