Bias: I look for losses to 1.4660 before a correction but while this remains below 1.4850-60 expect losses
The break below 1.4824 generated follow-through although on Friday this was quite limited. However, the downside has followed-through this morning and I still see potential to 1.4660. I suspect from 1.4660 we should expect a correction higher. There will be minor resistance around 1.4710 and then the 1.4760-65 pivot area. Take care as this may stall the rally. However, overall, once a correction has been seen there should be break above 1.4765 to extend the recovery to 1.4850-60 but only above here generates more strength.
20th April: The break below 1.4824 seems to suggest that we should retest the 1.4530-80 area. While it holds the upside structure remains intact for a move back to the 1.5068 high and probably 1.54 at least.
Once the 1.4824 corrective low caved in the downside seems to suggest a move through to 1.4530-80. This morning has seen Friday's losses follow-through to 1.4706 but I still feel these should extend just a little further to 1.4660. Here I will expect a pullback to the 1.4850-60 area. Thus only directly below 1.4650 will imply immediate extension of losses to 1.4612 at least. Take care there. Only breach would then generate follow-through to the 1.4580 low followed by 1.4531.
15th April: I feel the 1.1622 high was the end of the correction and thus we should be looking for a stronger push lower. While 1.1500-50 caps we should see a quick retest of the 1.1157-68 lows and maybe 1.1128. Below here provokes stronger losses.
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