General overview for 29/11/2016:
The market made almost a textbook correction down to the level of 118.50 where the intraday support is. This correction has been labeled as wave (iv), so there is one more wave to the upside missing, wave (v). Currently, the market is trading around the weekly pivot at the level of 119.23 and is trying to bounce above the internal supply zone at the level of 119.70. If this level is violated, then the market should break out above the intraday high at the level of 120.16.
Support/Resistance:
112.16 - Intraday Resistance
119.23 - Weekly Pivot
118.49 - Intraday Support
118.32 - WS1
116.37 - WS2
Trading recommendations:
All the buy orders opened around the level of 118.50 should be now kept open as there is uncompleted wave progression to the upside.
