General overview for 15/08/2016:
The corrective cycle in wave ii still does not looks complete as the abc irregular flat corrective pattern needs one small sub-wave to complete. The invalidation level for this scenario is at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.
Support/Resistant:
112.31 - Intraday Support
112.42 - WS1
113.17 - Weekly Pivot
113.65 - WR1
114.02 - Intraday Resistance
114.48 - WR2
114.96 - WR3
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.
