General overview for 05/09/2016:
The wave (1) top had been established at the level of 116.32, and currently the market is developing a corrective cycle in wave (2). The projected min. target for this wave is at the level of 115.01 (the previous wave 4 low), but the correction might get more complex and time-consuming. Moreover, the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress, but so far the impulsive labeling has been fitting better to the market situation.
Support/Resistance:
116.32 - Intraday Resistance
115.58 - Weekly Pivot
115.01 - Intraday Support
114.80 - WS1
113.09 - WS2
Trading recommendations:
The main part of the downward movement has been done already, so day traders should refrain from trading and wait for a better trading setup to occur shortly.
