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The daily shows a short term heavy vertical resistance zone at around the 365/370 level where price started bumping into during mid October 2017 and a heavy horizontal supportive zone at around the 340/345 level. We clearly see on the chart that price has been testing the resistance level at least 8 times since October 2016 and that price is now in its 9th attempt after the last try did not quite succeed.
The EW count (not displayed on the chart) suggests that price is now in for a wave 3 of (3) of circled 3 which should give price the boost to definitely break the 365/370 resistance level and let price trade to the 400/425 level where we find the previous high of June 2016.
The EW count (not displayed on the chart) suggests that price is now in for a wave 3 of (3) of circled 3 which should give price the boost to definitely break the 365/370 resistance level and let price trade to the 400/425 level where we find the previous high of June 2016.