General overview for 11/11/2016:
The market is still trading inside the range of wave 1, so the beginning of this wave will now become an invalidation level for the impulsive count. In this impulsive scenario, the level of 116.00 cannot be violated first and the price should fall towards the intraday support at the level of 113.70 in the impulsive fashion. The low of the wave (a) at the level of 112.59 should be violated next.
Support/Resistance:
116.00 Intraday Resistance
115.77 - WR1
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.
