General overview for 06/12/2016:
The top for the wave -iii- might be in place at the level of 123.17 and the bottom for the wave -iv- might be in place as well at the level of 121.95. Since then the market has been rallying in order to complete the last wave up. The projected target for wave (v) (green) is at the level 124.00. When the impulsive structure is completed, a larger time frame correction is being expected.
Support/Resistance:
124.00 - WR2
123.17 - Intraday Resistnace
122.71 - WR1
121.85 - Intraday Support
120.62 - Weekly Pivot
119.40 - WS1
118.71 - Technical Support
Trading recommendations:
All day traders with open buy orders should prepare to take profits off the table at the current levels (or wait for the level of 124.00 to be hit) and wait for another trading setup to occur shortly.
