Bias: While 99.20-40 caps look for losses to 98.34 and later to 97.78 at least - possibly 97.28-48
Overall we have seen losses to 98.71 and the downside does still seem to be the way to go. There is resistance at 99.20 which I feel will cap. However, to be safe, I feel a break above 99.40 would offer stronger upside potential. If seen then look for price to extend higher to the 99.85-95 pivot area. Take care this could cause a reaction. Above 99.95 maintains the upward momentum for 100.35 and 100.71-78 once again but I feel this will cap. Next resistance is at the 101.43 high followed by 102.14-46.
15th April: I suspect the cycle high has passed and we have seen the anticipated high. Even if we see a push back above 101.43 I remain with the 102.46 and 103.14-33 resistance areas.
The correction from 99.31 quickly ended and we have returned to the bearish side. I look for 99.20 to cap to extend losses to the 98.34 area. Take care there as I suspect it will hold and force a correction. While this correction remains below the same 99.20-40 area we should see losses back to 98.34 and below to the 97.78 support at least and at most 97.28-48. Only if the first decline pushes directly below 98.34 is there any stronger risk of testing the 97.28-48 area directly. Below there I see support at 96.97 and 95.95.
15th April: The more I see the more I feel the major cycle high is now in place. This should remain above the 96-97.28 area at first but on the subsequent decline look for much stronger losses - I suspect to around 91.00 but will update later.
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 now available on the Daily Forecast page of my web site.