(Z3) Corrective Cycle Extends

• RES 4: 105.310 High Sep 8
• RES 3: 105.256 61.8% retracement of the Sep 1 - 21 bear leg
• RES 2: 105.240 High Sep 12
• RES 1: 105.170 High Sep 14 and a key short-term resistance
• PRICE: 105.105 @ Close Oct 6
• SUP 1: 104.905 Low Oct 4
• SUP 2: 104.830/765 Low Sep 29 / 21 and the bear trigger
• SUP 3: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing
• SUP 4: 104.645 Low Jul 12 (cont)

Schatz futures have continued to recover last week and the contract has traded through the 20-day EMA. Short-term gains are considered corrective and the downtrend remains intact. Key near-term resistance is seen at 105.170, the Sep 14 high. On the downside, watch support at 104.905, the Oct 4 low. A break of this level would signal a resumption of the trend and expose key support at 104.765, the Sep 21 low and bear trigger.