General overview for 19/10/2016:
The main count has been little changed to incorporate the latest wave development. It looks like the market is evolving towards a more complex structure now. The local low at the level of 1.3054, just above the demand zone, had been labeled as W, so the current upward move might be a part of a X wave. The top for the wave X is projected at the level of 1.3185. Nevertheless, the near-term outlook is still bearish as there are uncompleted wave structures.
Support/Resistance:
1.3022 - WS1
1.3169 - Weekly Pivot
1.3236 - WR1
1.3139 - Intraday Resistance
1.3055 - Intraday Support
1.3028 - 1.3045 - Demand Zone
Trading recommendations:
As long as the intraday resistance is not clearly violated, day traders should consider opening sell orders as close as possible to the intraday support at the level of 1.3139. TP level should be set at the intraday support at the level of 1.3054.
