General overview for 02/03/2016:
The bottom for the wave B blue might be in place and the confirmation of this scenario comes with the level of 125.00 violation. Currently, the market is trading inside the neutral zone, where the current structure might evolve into a more complex and time consuming pattern. Nevertheless, any violation of the level of 122.06 will invalidate the current labeling and extend the drop downward in wave B blue.
Support/Resistance:
119.43 - WS3
120.96 - WS2
122.56 - WS1
123.59 - Intraday Support
124.05 - Weekly Pivot
125.01 - Intraday Resistance
125.68 - WR1
127.18 - WR2
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders when the bottom of the wave B blue is in place, so buy stop orders should be placed at the level of 125.03.
