General overview for 20/06/2016:
The abc corrective cycle in wave (b) must terminate below the level of 119.46, otherwise the main count will be replaced by an alternative count. This would mean the bottom for the wave Y brown would be in place at the level of 115.48, and the current upward wave progression would be the beginning of a new impulsive structure.
Support/Resistance:
115.06 - WS1
115.48 - Local Low
117.72 - Weekly Pivot
118.14 - Intraday Support
119.46 - Intraday Resistance
119.94 - WR1
122.54 - WR2
124.18 - Wave X Top
Trading recommendations:
If the level of 119.46 is clearly violated, then all swing sell orders should be closed, because the market might be at the turning point, when the bigger time frame cycles had bottomed and a new, impulsive cycle to the upside might have started.
