Morning Report


After touching the pivotal support levels of 129.80, we were forced to look at the four hour chart from another point of view. Actually we could have been able to catch 4 confirmed waves for the IM rally that started at 137.80. In the interim, Stochastic is overlapping within oversold areas and that might be a rational technical reason for achieving a truncation case for the fifth wave; therefore, our outlook will be neutral today until we get more confirmation the fifth wave is over or it still has southern targets to be reached.

The trading range for today is among key support at 126.70 and key resistance at 133.60.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

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RecommendationBased on the charts and explanations above our opinion is, waiting until a clear sign to appear in order to pinpoint the coming big move.