BIAS: Look for further gains to 1.5898-16
MAIN ANALYSIS: The rally developed and pushed to the high-end of the stronger projection at 1.5832-44. I suspect we have either seen the full correction at 1.5783 but it would be best to allow for 1.5770-75. From there - or a direct break back above 1.5844 look for extension to the 1.5898-16 area (max 1.5941) before a correction lower. While I don't think it will get there, also note the 1.6000-10 resistance.
COUNTER ANALYSIS: Only a direct break back below 1.5760-65 would allow losses to extend back to the 1.5716 pivot support at least. Below are minor supports at 1.5696 and 1.5673 ahead of the 1.5630 low.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
HARMONIC ELLIOTT WAVE
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