| Resistance: | 99.40 | 99.76 | 100.25-35 | 100.70-90 |
| Support: | 98.50 | 98.15 | 97.90 | 97.28-48 |
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Bias: While 100.25-35 caps I look for losses to 96.80 at least else we could revisit the 101.46 peak
Daily Bullish
The 101.32-47 resistance held perfectly and it seems that we may well be in a direct bearish mode. However, this will need this morning's 98.50 low to be taken out. The only way we can see a positive day today is if we see a break back above 99.40 initially which should extend gains back to 99.76 at least and if this breaks then look for the 100.25-35 pivot resistance. However, at this point I'll be cautiously looking for a break of this resistance to take us right back up through to 101.46-67 before the last leg lower.
Medium Term Bullish
10th October: The bearish view remains and only back above 101.70 now will cause an earlier than expected recovery - initially back to 103.26..
Daily Bearish
The expected resistance at 101.32-46 held very well and we have seen a move all the way back to the 98.58 low and a few more points. It does look bearish but I am just a little concerned about the manner of the decline to 98.50 this morning and I'd prefer to see breach to maintain the downward momentum for the 96.80 target. Take care here as it could well provide the ultimate low. If broken then next supports are at 96.28 and the 95.71 low.
Medium Term Bearish
10th October: Take care at 96.80 as this is fast becoming a likely stalling point. However, on an aggressive move there is also 96.28, 95.71 and 95.28 which are all valid targets in this decline...
Elliott Wave Comments
10th October:
The 58.6%-61.8% retracements at 101.32-47 in Wave -b- held well and a wave equality target in Wave -c- lies at 96.80 which is also where the 61.8% projection in Wave -v- lies. Therefore I tend to feel this could be the final stalling area in daily Wave (a) lower. Also note the 66.7% projection in Wave -v- at 96.28, the low at 95.71 and the 76.4% projection in Wave -v- at 95.28.
As I've been writing the 98.50 low has been taken out and thus a flat correction is now invalid. Although I don't really favor these patterns also watch the 23.6% expanded flat projection at 97.90 and the 38.2% at 97.48.
Beware that any reversal higher from target may well be sharp.
