General overview for 11/01/2017:
The count is evolving into a more complex and time-consuming corrective cycle in wave -ii-. The preferred labeling is suggesting an uncompleted irregular flat correction as the unfolding pattern in wave -ii-. The current labeling suggests more impulsive wave progression to come shortly, but the key to the upside levels is the wave (i) high at the level of 123.84. This line must be clearly violated, so the impulsive structure could develop. Otherwise, the corrective cycle in the blue wave (4) will evolve into an 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
121.59 - Black Impulsive Count Invalidation Level
121.47 - WS2
Trading recommendations:
Day traders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside supports this view.
