Daily Pivots: (S1) 147.91; (P) 148.35; (R1) 148.90; More…
Focus is back on 146.65 support as fall from 149.12 accelerates lower. Firm break there will suggest that decline from 150.90 is resuming through 146.20. MO re importantly, sustained trading below 55 D EMA will argue that rise from 139.87 has completed as a three-wave corrective move. Deeper fall should be seen to 142.66 support next. On the upside, though, above 149.12 will bring another bounce back towards 150.90.
In the bigger picture, price actions from 161.94 (2024 high) are seen as a corrective pattern to rise from 102.58 (2021 low). Decisive break of 61.8% retracement of 158.86 to 139.87 at 151.22 will argue that it has already completed with three waves at 139.87. Larger up trend might then be ready to resume through 161.94 high. In case the corrective pattern extends with another fall, strong support is expected from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound.
