On the daily and hourly time charts, immediate resistance is a zone of 84.20/77, 85.16 and 85.52. Immediate support is at 83.47, 82.56, and 80.71. On the hourly chart, there is a symmetrical triangle with a possible next leg down to a D point at 83.55 before a move up to point E from the Elliott perspective (whereupon it should move down sharply). One can also view the recent hourly price action from 83.47 as an ABC correction with possible C targets of 84.10/84.47/85.06. After that it should move down. Recent high has been 84.26.
© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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