| Resistance: | 1.3129 | 1.3163 | 1.3183-97 | 1.3221 |
| Support: | 1.3075-85 | 1.3032-43 | 1.3019 | 1.2986 |
BIAS: While 1.3129 caps there is risk of a correction to 1.3032-43 before the upside resumes…
MAIN ANALYSIS: We saw the correction first that stalled between the 1.2925-53 area and then extended gains. There is a small risk of a minor new high around 1.3129 but overall I feel a correction is due before the next leg higher. This should see losses to around 1.3075-85 initially - and could even provide the base for the new rally. However, also be aware of the 1.3032-43 support. From this broad 1.3032-75 area I will be looking for the next leg higher that should move up towards the 1.3197 swing high. I suspect this will hold briefly. Eventually I look for 1.3262.
COUNTER ANALYSIS: Only a break below 1.3020-30 will confuse and imply a dip through 1.2986 and down to the 1.2916-40 area at least. Take care here as this could support for a reversal higher. Breach will extend losses to 1.2875-86.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
HARMONIC ELLIOTT WAVE
