General overview for 02/01/2017:
The breakout from the triangle pattern looks completed with the local top at the level of 123.85. This top is labeled as wave -i- top, so now the market is developing internal intraday correction. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.83. The bias remains bullish as there are unfinished waves to the upside.
Support/Resistance:
124.28 - WR1
123.85 - Intraday Resistance
122.92 - Weekly Pivot
122.83 - Intraday Support
122.04 - WS1
Trading recommendations:
Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.
