General overview for 17/03/2016:
After a false breakout above the golden trend line, the price fell back into the neutral zone and currently it is trading around the weekly pivot at the level of 126.05. The ongoing correction might be complex and time-consuming, but it cannot 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 dips with SL below 123.07 and TP open for now.
