Daily Pivots: (S1) 197.79; (P) 198.17; (R1) 198.59; More…
The extended pullback from 199.96 suggests that a short term top is likely in place. On the downside, firm break of 197.41 will turn bias to the downside for 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99), as correction to the rally from 184.35. On the upside, through, break of 199.96 will resume recent rally from 180.00.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
, as correction to the rally from 184.35. On the upside, through, break of 199.96 will resume recent rally from 180.00.){kind=link}