INTRADAY CHART
BIAS: I suspect some minor losses before the rally can resume
Resistance: 114.06-15 114.34 114.60-75 114.95
Support: 113.73-87 113.55 113.46 113.05-15
MAIN ANALYSIS: Yesterday saw a minor new high above 114.10, but only by 5 points but has provided a second leg higher that forms a lower degree Wave i. However, it looks like we are going to suffer a deeper pullback but unlikely below the 113.73 low. Thus, remain looking for bullish reversal indications.
COUNTER ANALYSIS: If it does get below 113.73 then there's risk of a pullback to below 113.55. Note the 113.00-23 area - max 112.85. I do not expect that area to break.