General overview for 04/08/2016:
The count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle and currently the market is trading just at the lower channel line. The current low at the level of 113.01 might be the bottom for wave b green, but confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscillator supports the bullish outlook.
Support/Resistance:
118.45 - Technical Resistance
118.15 - WR2
115.85 - WR1
114.86 - Weekly Pivot
113.93 - Intraday Resistance
113.01 - Intraday Resistance
112.50 - Intraday Support
112.62 - WS1
111.61 - WS1
Trading recommendations:
Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.
