Daily Pivots: (S1) 157.80; (P) 158.13; (R1) 158.75; More….
Break of 158.46 resistance indicates that corrective pull back from 159.75 has completed with three waves down to 154.32. Intraday bias is back on the upside for retesting 159.75 high . Firm break there will resume larger up trend. On the downside, below 157.51 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, price actions from 159.75 are views as a corrective pattern for now. As long as 151.39 support holds, rise from 114.42 (2020 low) is still expected to continue through 159.75 at a later stage. Nevertheless, firm break of 151.39 will confirm medium term topping, and bring lengthier and deeper correction.
