General overview for 01/11/2016:
The alternative impulsive count turned out to be the correct one as the full impulsive waves are now completed. This wave progression has been labeled as wave a (green) and now it looks like some kind of a corrective structure to the downside in wave b (green) need to be unfolded. The growing bearish divergence between the price and the momentum oscillator supports the bearish view.
Support/Resistance:
116.22 - WR1
115.33 - Intraday Support
115.37 - 115.48 - Fibonacci Confluence Zone
114.57 - Intraday Support
114.53 - Weekly Pivot
113.74 - WS1
Trading recommendations:
The full five waves in the impulsive progression are completed, so day traders should consider opening sell orders with tight SL. TP level should be left open for now.
