General overview for 05/05/2016:
The market is still trading around the weekly pivot at the level of 122.99, but according to the Elliott wave rules there should be one more wave to the downside - wave (c) blue. The intraday resistance at the level of 123.35 is still the key level to the upside. Currently, bears might want to break out below the dashed intraday trend line and test the recent low at the level of 121.66. Please notice that the market is still trading inside the pink bearish zone.
Support/Resistance:
126.45 - Swing High
124.27 - WR1
123.35 - Intraday Resistance
122.98 - Weekly Pivot
121.67 - Intraday Support
Trading recommendations:
The day traders should consider opening sell orders from the current market levels with SL above the level of 123.51 and TP at the level of 121.66.
