General overview for 16/03/2016:
The corrective cycle might have been completed now at the level of 125.00 and it was labeled as wave (ii). The correction might be complex and time consuming, but it can't violate the 123.07 level. If it does, the alternative count will be in play which suggests more downward wave progression towards the 122.06 level.
Support/Resistance:
127.26 - Intraday Resistance
126.05 - Weekly Pivot
125.58 - Intraday Resistance
124.90 - Intraday Support
124.82 - WS1
123.07 - Green Impulsive Cycle Invalidation Level
121.83 - WS2
Trading recommendations:
Day traders should buy on the dips with SL below 123.07 and TP open for now.
