Today's support and resistance levels:
R3: 147.46
R2: 147.20
R1: 146.75
Current spot: 146.53
S1: 146.33
S2: 145.74
S3: 145.42
Technical summary:
The decline from 149.13 does look too strong to be just a small correction wave four calling for the next rally higher. So, with that in mind, we have placed wave v and (i) at 149.13 and is now looking for a correction in wave (ii) towards 142.06. Short term, we would like to see resistance at 147.45 protecting the upside for a break below support at 145.74 and more importantly a break below support at 144.78 confirming that wave (i) did end at 149.13 and the correction to 142.06 is developing.
Trading recommendation:
We have seen some wild swings here lately and will stand aside for now, till we have more confirmation whether the correction has begun or not.