BIAS: There appears to be more risk of a minor new high before reversing lower…
MAIN ANALYSIS: Friday's pullback lower wasn't as deep as expected, stalling at 95.64 and then rallying to a new high at 97.33. The key support for any reversal is at 95.64 and while this holds I feel there is more risk of gains extending above 97.33 to 97.75 at least. Also note the 98.38 retracement resistance. I feel that as price edges to new highs we should be looking for bearish trade set ups / bearish reversal patterns in the general 98.38 area.
COUNTER ANALYSIS: Only a direct loss of 95.64 would suggest more direct losses through 95.10 and the 94.66 corrective low towards the 94.11 low….
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
HARMONIC ELLIOTT WAVE BLOG