General overview for 13/06/2016:
It might be the time to take a look at the big cycle time frame like the weekly one to determine further possible wave development. On the big weekly time frame, we can see that the current corrective structure had almost reached the 1:1 market geometry zone between the levels of 117.45 - 119.19. The price is still trading below the 50,100 and 200 weekly moving averages though, but the downside momentum is decreasing, and the RSI oscillator is now in the oversold zone. The A=B corrective structure has been labeled as wave 2, and the mentioned zone might be the key area for a possible trend change.
Support/Resistance:
117.95 - WS2
118.75 - WS1
120.71 - Weekly Pivot
121.55 - WR1
123.52 - WR2
124.40 - WR3
Trading recommendations:
All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.
