General overview for 18/08/2016:
The corrective cycle in wave iv has been completed and one more wave to the downside is expected before any meaningful bounce will happen. The wave v might develop into a typical ending diagonal pattern that will eventually break out to the upside when terminated.
Support/Resistant:
1.2798 - Intraday Support
1.2822 - WS1
1.2894 - Intraday Resistance
1.3006 - Weekly Pivot
1.3091 - WR1
Trading recommendations:
Currently day traders should refrain from trading and wait for the last cycle down to complete before entering any transaction.
