General overview for 27/05/2016:
The three wave corrective cycle in wave 2 might be completed, but this corrective wave might still evolve into more complex cycle. To confirm the wave 2 top is in pace, bears must push the price lower towards the intraday support at the level of 122.25 and break out below it. Please notice the correction in wave 2 might extend higher than the intraday resistance at the level of 123.10. Nevertheless, in the near term another wave down is being expected anyway.
Support/Resistance:
121.47 - Projected Target Level
121.92 - WS2
122.25 - Intraday Support
122.77 - WS1
123.10 - Intraday Resistance
123.14 - Black Impulsive Count Invalidation Level
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 122.25 is violated.
