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The daily MAY17 chart shows that price of the May contract has been gradually moving up within the parallel lines of an ascending price channel that started during July/August 2016 and which took price up with the relevant supports and resistances.
This chart clearly shows that price is moving in a short term uptrend with a long term downtrend. In other words: price is making a corrective move up within its long term bear move. With all the supportive spots on the lower boundary line of the price channel we have to assume that price will make a move up from here, same unless the contrary is proven.
The EW count (not included in the chart) suggests that a wave 2 of (3) is complete and that we are now in a wave 3 of (3) which should take price initially to the upper boundary of the ascending price channel . We need to see confirmation of that during the coming week by price breaking the 1056 level to the upside after which we need to see the 1075 level broken to the upside so price still has quite some work to do before we can be certain of a solid move to the upside indeed but the picture favours the upside over the downside.
A break below 1001 (marked with a green 1) would make us decide to abandon the favourable odds for a move to the upside. After price has broken the 1056 resistance to the upside we will trail our pivotal support to 1017 (marked with a green 2) and after price has broken the 1075 to the upside we will trail our pivotal support to 1028 (marked with a green 3).


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