General overview for 22/12/2016:
Bulls have managed to retrace over 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. The next targets for wave c (purple) of the wave (d) (green) are at the levels of 123.20 or 123.60. Any breakout below the intraday support at the level of 122,79 will lead to the immediate test of the wave a low at the level of 122.20.
Support/Resistance:
124.43 - WR1
124.07 - Technical Resistance
123.20 - Intraday Resistance
123.01 - Weekly Pivot
122.79 - Intraday Support
121.93 - WS1
120.52 - WS2
Trading recommendations:
Daytraders should consider opening sell orders only if the intraday support at the level of 122.79 is clearly violated. TP should be set at the level of 122.20.
