Bias: I look for losses down to 91.03-27 but then a pullback
The 93.13-33 resistance held and forced a move lower to 92.18 which has been penetrated as I write. This should maintain the bearishness for a move to 91.27 minimum and potentially 91.03. This is the area where I feel we should be watching for bullish set ups. We could easily see price back towards the 92.20-70 area. Thus, only a break above 92.75 would extend gains back into the 92.20-35 area once again. Still take care there. Only above would begin to suggest a move to 94.16 and maximum 94.54.
4th January: We have reached the 93.03-30 target. Only above extends to resistance between 93.77-90 and 94.54. Only above the higher resistance would force me to consider an alternative, much stronger structure that would imply 95.58-89 and 97.86.
Yesterday's early break of 92.68 extended losses to just below 92.24 but then a pullback. I feel the 92.70 area is toppish and most likely we have seen the corrective high already at 92.68. This implies that losses should continue through 91.85-00 and down to 91.27 and possibly 91.03. However, I feel this should be enough for today and the rest of the day should see a recovery higher. Any break of 91.00 would open up a ratcheting move down to 90.78 and 90.28.
4th January: The 93.13-31 still remains important to me and while this holds we could see price drop back into range. I suspect the next month or two will see broader sideways trading above the 84.82 low.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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.