General overview for 23/05/2016:
The alternative count has been invalidated and the current Elliott wave count is the correct one. It indicated an anticipated downward wave progression in order to complete the wave (c) of the corrective cycle. The most important level is now the intraday support at the level of 122.63, because any break out lower will confirm the current structure and put the level of 122.63 for test. Please notice that the projected target at the level of 121.47 might be extended lower towards the levels of 121.00 and 120.50.
Support/Resistance:
121.47 - Projected Target Level
121.92 - WS2
122.63 - Intraday Support
122.77 - WS1
122.91 - Intraday Resistance
123.46 - Weekly Pivot
124.34 - WR1
Trading recommendations:
All sell orders from last week should be still kept open as the target hasn't been hit yet. More sell orders might be added after the level of 122.63 is violated.
