Price: 162.44
| Resistance: | 162.60 | 162.88 | 163.20 | 163.54 |
| Support: | 162.06 | 161.82 | 161.57 | 161.13 |
| Bias: | While 162.88-13 caps the downside still appears to be the more vulnerable side |
| Daily Bullish: | Loss of 163.30-40 provided the signals for losses that reached the 162.13 target and minor breach to 162.06. This is producing a correction and I feel this has legs to 162.88 but take care there as in a more bearish structure this should cap. Breach would extend the move to 163.13-29 and if seen would tend to suggest that we have merely seen a correction lower. As such we could then see gains back above the 163.50-54 pivot resistance and to 163.89 before the 164.20-46 highs. |
| MT Bullish: | 3rd June: Yesterday’s losses place doubt upon any further upside but I’d be forced to consider this on a break above the 163.13-29 area. If seen then look for a swift retest of 164.20-46 and above to the 164.96 high. |
| Daily Bearish: | Losses came as preferred, stalling at 162.06 and while the 162.88-13 area caps there is still argument for additional losses. A move down from this resistance that breaks below 162.06 would provoke further strong losses to 161.57 minimum and probably the 161.13-25 area which should cause a correction higher. |
| MT Bearish: | 30th May: The picture is as clouded as before and only below the 163.29-41 lows would raise the chance of follow-through below 162.56 and 162.15 en route 161.25. |
ELLIOTT WAVE COMMENTS
2nd June
The wave structure remained very messy but the low at 163.07 was a 38.2% expansion of the recovery from 163.29 to 164.21 and the recovery back to this high argues for an expanded flat which means we should now see losses.
A break below 163.07 would confirm and suggest a minimum Wave iii target at 162.57 (138.2%) and more likely 162.13 (176.4%.) Take care here as this could cause a pullback else we may well be talking about a 261.8% projection to the 161.13-25 area.
Only above 164.46 would imply a retest of the 164.96-00 area…
Ian Copsey
See Also
- Pro Commentary
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