NOT MINE.
Sup: 6304,6280,6255,6248
Res: 6342*,6352,6361,6376,6413*
Today’s gains take the market to within important longer term resistance at the 6342 to 6412 region where wave 5 equals 61.8% of wave 3 and of waves 1 to 3 respectively. The market now appears poised for a downturn for wave iv of 5, with this expected retreat likely to take prices back towards the 6151 recent pullback low. This now stands as the important medium term support. A retreat through support at 6304 would suggest that a decline of this nature is likely to be underway.
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