General overview for 11/07/2016:
The new local low is still being expected in this market as long as the intraday resistance at the level of 113.36 is not clearly violated. The next expected wave development is a breakout below the intraday support at the level of 110.83 and continuation towards the wave iii bottoms at the level of 109.55.
Support/Resistance:
108.24 - WS2
109.25 - WS1
109.55 - Wave ii Bottom
110.83 - Intraday Support
111.93 - Weekly Pivot
113.00 - WR1
113.36 - Intraday Resistance
115.55 - WR2
116.65 - WR3
Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is being anticipated. New sell orders can be opened if the level of 110.83 is violated.
