General overview for 16/11/2016:
The blue wave (b) is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.49. According to the bearish scenario, there is still one more wave to the downside missing - the green wave c - which is a part of the blue wave c.The growing bearish divergence between the price and the momentum oscillator supports the view.
Support/Resistance:
117.49 - Intraday Resistance
117.19 - WR1
116.58 - Intraday Support
115.45 - Weekly Pivot
114.37 - WS1
112.66 - WS2
Trading recommendations:
Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the WR1 level and TP open for now.
