I wrote last week that “a drop below Elliott channel support would begin to suggest that a top is in place. That line is at 97 today.” The key word in that phrase is ‘begin’. At this point, there are only 3 waves down from the top so a top can not be confirmed. Coming under 97.11 would be evidence that a top is in place. Until then, it is possible that price exceeds 99.72 and tests Fibonacci resistance at 101.
