General overview for 25/02/2016:
The market rallied sharply yesterday, but the intraday resistance hasn't been violated yet. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves more complex and time-consuming correction even in the longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.
Support/Resistance:
122.48 - Intraday Support
122.70 - WS2
123.59 - WS1
125.02 - Intraday Resistance
125.90 - Weekly Pivot
126.75 - WR1
128.27 - Technical Resistance
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open the buy orders when the bottom of the wave B blue is in place.
