Bias: This is looking much heavier and only back above 90.25 is going to bring price back from the brink of the abyss
Well, 89.61 finally gave way though the follow-through wasn't as direct as I had expected. I am finding any possible bullish alternative harder to find, although there does seem to be one final chance that price can claw its way back out of its hole. That requirement is a break above the 90.25 corrective high. Even then I can't say that there's any great positive feeling until the 90.84 and more importantly the 91.26 corrective high is broken. It certainly needs some surprise to be laid in front of the market to generate this type of move. Thus it is better to be more reactive than proactive for the upside here.
12th November: This doesn't look too hopeful now - and only back above 90.25 initially followed by 90.84 & 91.26 would bring back a structure that would imply a stronger push above 92.89 and maybe just a little higher to 93.74-04.
It almost seems as if price is hanging on by its finger nails as it slides closer to what appears to be a substantial decline… Breach now of yesterday's low at 89.29 and the 89.18 low would see a quick slip down to the 88.60-70 area and maybe one last desperate chance of a reversal. However, the way it is setting itself up seems more to generate a drop to 88.00 again initially. Expect a recovery from here. However, this shouldn't manage to get back above the 89.00-20 area before the next move down to the 86.93-87.10 area.
12th November: Given the long term picture the downside risk is always there. A break below the 89.18 low will just about knock it on the head and extend the losses through 88.00-14 and down to the 86.93-87.10 area initially and I am beginning to view the 85.73 and 84.39 targets.
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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 available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.