(Z3) Corrective Cycle Remains In Play

• RES 4: 96.05 High Sep 25
• RES 3: 95.66 High Oct 12 and the bull trigger
• RES 2: 94.28/94.52 High Oct 16 / 76.4% of the Oct 12 - 23 bear leg
• RES 1: 93.82 61.8% retracement of the Oct 12 - 23 bear leg
• PRICE: 93.16 @ Close Oct 31
• SUP 1: 91.62/90.85 Low Oct 26 / 23
• SUP 2: 90.38 Low Oct 12 2022 (cont) and a major support
• SUP 3: 90.00 Psychological round number
• SUP 4: 89.22 1.236 proj of the Sep 20 - Oct 4 - Oct 12 price swing

Gilt futures traded higher Tuesday. A broader bearish theme remains intact and recent gains appear to be a correction. For bears, price has recently traded through key support at 91.47, the Aug 17 low. This confirmed a resumption of the downtrend and signals scope for 90.38, the Oct 12 2022 low (cont) and a major support. Initial resistance is at 93.82, 61.8% of the Oct 12 - 23 bear leg. The 76.4% level is at 94.52.