General overview for 09/11/2016:
The zig-zag structure in wave (b) (blue) looks now completed, so the downside wave progression is anticipated in order to complete wave (c). In this scenario the level of 116.05 cannot be violated first and the price should fall towards the intraday support at the level of 113.70 in impulsive fashion. The low of the wave (a) at the level of 112.59 should be violated next.
Support/Resistance:
115.77 - WR1
115.29 - Intraday Resistance
114.89 - Weekly Pivot
114.12 - WS1
113.70 - Intraday Support
113.22 - WS2
Trading recommendations:
The impulsive structure in wave (b) is now completed, so now the wave (c) to the downside should be developed. Day traders should consider opening only sell orders with SL just above the recent local high at the level of 116.05.
