General overview for 16/02/2016:
The intraday resistance at the level of 128.28 has not been broken yet, and the market is testing the golden trend-line support now. In case of a breakout, the next intraday support is seen at the level of 128.28. The market is still treading inside of the bearish zone, but the current count in the bigger time frames still indicates a possible upward wave progression as a 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, big-cycle wave C blue, to complete the bigger-time-frame corrective cycle.
Support/Resistance:
125.02 - WS1
125.73 - Intraday Support
127.98 - Weekly Pivot
128.26 - Intraday Resistance
130.13 - WR1
133.09 - WR2
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.
