General overview for 12/07/2016:
There is a possibility that the market has made a truncated fifth wave that terminated at the level of 110.83. This wave has been labeled as wave (a), so wave (b) is now developing to the upside. The (b) wave should reach the level of 114.76 or even extend a little higher to the level of 115.48 before it will resume the downtrend. A breakout below the intraday support at the level of 113.36 will be the first clue that the top for the wave (b) is in place.
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 Support
114.76 - Intraday Resistnace
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 anticipated. New sell orders can be opened if the level of 110.83 is violated.
