General overview for 17/10/2016:
The market is still trading inside the horizontal congestion zone between the levels of 115.15 and 114.00. This is the main reason why the current down move does not look too much impulsive anymore: the market has spent too much time inside of this zone. Nevertheless, the downward wave progression can still be continued, at least according to the bigger time frame picture. The near-term bias is down as there are still uncompleted wave structures.
Support/Resistance:
116.49 - WR2
115.43 - WR1
115.15 - Intraday Resistance
114.62 - Weekly Pivot
114.00 - Intraday Support
113.46 - WS1
112.74 - WS2
Trading recommendations:
As long as the golden trend line is not clearly violated, day traders should consider opening sell orders as close as possible to the intraday resistance at the level of 115.15. TP level is open for now, but if the level of 114.00 is broken then the next support is seen at the level of 113.67 (61% Fibo).
