General overview for 19/02/2016:
The higher time frame wave progression shows a complex and time consuming double-three pattern labeled on chart as ABC-X-ABC. The leg C of the pattern looks completed and the market might start to rally any time soon. Nevertheless, it is worth to mention, that this pattern might evolve to even more complex correction called triple three, which will be labeled as ABC-X-ABC-X-ABC. That means there is another big ABC leg to be made according to this scenario.
Support/Resistance:
125.02 - WS1
126.61 - Intraday Resistance
125.73 - Local Low
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.
