[Summerset]

There is of course anticipation in the market to short above 40 levels, for a down break of the rising wedge. This sentiment will fuel price to devour stops of shorts taken at 1.40 heighs. So don't be surprised to see price make 1.42 in the process.

The attached chart shows that price is currently testing the very high median of the controlling fork. (shown in dashed line).

Price has also fallen outside the Phi channel controlling the structure of Wave-1 of the current 5-wave sequence. (This phi channel is shown in blue & red lines). Price is currently re-testing the 2.618 red line of this phi-channel

We expect a long awaited fall from the fork median high to support at the fork 61% --> 50% AR lines (shown in dotted lines). Note that this is also were the last broken resistance (Shown in blue elipse) will turn into support on the Grey modual strech out.

We recommend to buy there <3600>, and as far up as 3680, and target the 2.618 blue line of the phi channel, thrown from the last major corrective wave of Dec'04-Dec'05. (This phi channel is shown in black & blue lines).
And is smoothed to accomodate supports & resistances of subsequent price action.

At the 2.618 blue phi-line, we will sell.

Schematically, this is the general plan across a 3 month duration.

To generate correct entries & exits, we will test a powerful index, and signal line on it, and make the calls at market time here for those interested, over the coming 4 week period.

Profitable Trading.