General overview for 09/01/2017:
The market still trades inside of the trading range between the intraday resistance at the level of 123.84 and intraday support at the level of 122.01. The current labeling suggests more impulsive wave progression come shortly, but the key to the upside levels is the wave -i- high at the level of 123.84. This level must be clearly violated in order to an impulsive structure to develop. Otherwise, the corrective cycle in wave (4) (blue) will evolve into even more complex and time-consuming structure.
Support/Resistance:
123.97 - WR1
123.84 - Intraday Resistance
123.00 - Weekly Pivot
122.46 - WS1
122.01 - Intraday Support
121.47 - WS2
Trading recommendations:
Daytraders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside support this view.
