An crack from Pro Commentary Price: 161.95

Resistance: 162.15 162.48 162.80 163.11
Support: 161.61 161.41 161.10 160.80

Hourly chart with indicators

Bias: While 162.48 caps I countenance for losses to 160.30-40 before a overmodest recovery
Daily Bullish: Losses seen as due and patch 162.48 caps I envisage more today. Thus exclusive a comely event above 162.48 would remuneration comfort for the 162.76-80 parader position which should also impart a correction. Breach extends gains to 163.11 and mayhap 163.48. However, by the instance we impart up here I gaming we should be trusty most expecting likewise much more. Additional position is create at 164.04.
MT Bullish: It looks aforementioned a extreme has been seen and exclusive a event backwards above 164.96 would exhibit a advise to 165.49-87 but then we domain be trusty there also. Next position is at 166.54-78. (24th April)
Daily Bearish: I am entertained with yesterday’s losses though these didn’t quite accomplish as baritone as I’d hoped but I gaming that patch the 162.48 ocean caps there is ease downside potential. Back beneath 161.60 would encourage backwards to yesterday’s 161.10 baritone with broad due to accomplish the 160.22-40 ocean where I countenance a slightly large correction. Next hold is create artefact downbound at 159.25.
MT Bearish: It looks more plausible that we shall gaming losses with a event beneath 162.30-40 triggering stronger follow-through to 161.40, 161.01 and more plausible 160.22-40 en line 159.25 at least. (29th April)

ELLIOTT WAVE COMMENTS

Elliott Wave Chart

25th April

The move yesterday grazed to the 161.8% actuation in alternative Wave c to 162.90. This should be counted as Wave i.

We today domain to create the add of Wave ii with 163.80-95 cosmos a key parader position that should hold. In the brief constituent we should be shy of a Byzantine Wave ii in a unappetising or expanded flat. This latter ornament would exhibit a advise downbound to the 38.2% communication at 162.56 and then backwards to the 163.80-95 area.

Direct expiration of 162.56 would exhibit a 176.4% actuation in Wave ii to 160.22 at least.

30th Apr

I gaming that we effect seen Wave a of Wave –iii- and thusly patch 162.48 caps we should gaming broad to the 160.22-40 area.

Ian Copsey

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[Source: Global Forex Trading Blog | GFT Forex]