General overview for 12/02/2016:
An impulsive bullish count has been invalidated due to wave one and wave two overlaps. The current count however still indicates a possible upward wave progression as the low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, wave C blue to complete the bigger-time-frame corrective cycle.
Support/Resistance:
126.08 - Invalidation Level
126.86 - Intraday Support
127.39 - WS3
128.26 - Intraday Resistance
128.76 - WS2
129.34 - WS1
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.
