INTRADAY CHART
BIAS: After a short consolidation we should see losses to 101.52-59 and later 100.97-12.
Resistance: 101.89-93 102.01 102.19 102.36.
Support: 101.71 101.52-59 101.33 100.97-12.
MAIN ANALYSIS: Losses continued to reach 101.71 from where we appear to be seeing a triangle between 101.75-90 before extending losses to the 101.52-59 area. From here look for a shallow correction around 10-15 points approx before losses extend to 100.97-12. (also note 100.86) but watch for reversal indications here as I suspect a deeper recovery back to the 102.90-05 area. This should cap for the downtrend to resume. The next target should be around 100.61.
COUNTER ANALYSIS: Only a break back above 102.20 would suggest risk a move back to the 103.01 high.
MEDIUM TERM ANALYSIS:
9th May: The bearish structure is not very clean and has an area between 100.86-101.11 which has several projection targets and which levels are seen will determine whether we'll see a final low closer to 100.23 or as deep as 99.52… Thus, the next few days will be important in being able to determine the final corrective target.
Only a move back above 102.00-05 would retest 103.01 at least... and could imply even higher levels.