General overview for 01/06/2016:
As anticipated yesterday, the sudden price reversal after the market made the top for wave X at the level of 124.20 is a part of a three-wave downside wave progression that will eventually make a new low. The wave (a) of this internal cycle looks completed now, so it might be the time for the countertrend corrective wave (b) to unfold soon. This wave should target the level of 122.96 and then reverse again in order to complete the last wave down.
Support/Resistance:
124.85 - WR3
124.65 - Wave (b) High
124.23 - WR2
123.42 - WR1
122.96 - Intraday Resistance
122.82 - Weekly Pivot
121.99 - WS1
122.20 - Intraday Support
121.48 - Black Impulsive Count Invalidation Level
121.40 - WS2
Trading recommendations
All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.13.
