Seven Days Ahead - Professional trading guides and recommendations in the world's markets

WEEKLY CHART - CONTINUATION:

The 2009 recovery failed ahead of the 76.4% retracement and, now, the Jan break of the rising support line has put bears in control.

DAILY CHART - MAY-10:

This low remains first resistance, above which note the rising return line running close to 140.00 currently.

S/term support has come from our first support area of interest, the 130.55 61.8% pullback level and Fibo projection (1.618 swing off prior 137.50-148.70 bounce) at the same level.

Any bounce should prove temporary, ahead of lower targets. Note that the lower Fibo projection, 2.618 swing target, coincides nicely with the 61.8% pullback on the Weekly chart above.