General overview for 15/01/2016:
There is one more sub-wave to the downside possible before the uptrend rebounds as wave b purple progression is getting more complex and time-consuming. A target for the potential wave c purple is still seen at the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in an impulsive fashion.
Support/Resistance:
127.31 - Intraday Support
128.31 - Weekly Pivot
129.08 - Intraday Resistance
129.31 - Wave c Target Projection
131.01 - Technical Resistance
Trading recommendations:
Day traders should place buy orders from current market levels witch SL just below the last intraday support at the level of 127.31 and TP at the level of 129.61.
