| Resistance: | 77.85 | 77.99 | 78.22-28 | 78.40-54 |
| Support: | 77.60 | 77.35-45 | 77.20 | 77.05 |
BIAS: While 77.85-99 caps we should see a pullback to 77.35-45 before higher again
MAIN ANALYSIS: Gains seen… and to 77.85 so far. Allow for 77.99. However, I feel whether this reaches 77.99 or drifts below 77.60 we should see a choppy correction down to the 77.35-45 support area. This should be the limit of losses (allow for 77.25) before the upside resumes back to the 77.85-99 area followed by a small pullback and then extension to the 78.28 high - and possibly as high as 78.54. If the larger move is still lower then this should cap for more sustainable losses...
COUNTER ANALYSIS: Only a break below 77.05-20 will imply a high has already been seen and risk losses down to 76.55-65 again. Then note the 75.97-14 area also.
Only above 78.60 would risk follow-through to retest the 79.53 high…
For more information regarding the support & resistance and medium term outlook please see the attached PSD file.
Good trading
Ian Copsey HARMONIC ELLIOTT WAVE
