General overview for 20/01/2016:
The market is testing the intraday support level of 127.29, but still the price did not broke below the neutral zone boundary. This cycle might get even more complex and time-consuming as it develops into more complex corrective structure. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view increasing the odds for more downside pressure.
Support/Resistance:
126.37 - WS2
126.84 - WS1
126.78 - Technical Support
127.29 - Intraday Support
127.78 - Weekly Pivot
128.29 - WR1
129.07 - Intraday Resistance
129.25 - WR2
129.61 - Wave c Target Projection
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur.
