General overview for 09/03/2016:
There is still a chance for a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. The market should rally upward towards the level of 124.25 and break out above it in order to make another high. If the level of 123.09 is violated, a downtrend is likely to resume and a new low may be reached.
Support/Resistance:
127.99 - WR2
126.90 - WR1
125.55 - Intraday Resistance
124.48 - Weekly Pivot
124.25 - Intraday Resistance
123.41 - WS1
123.09 - Intraday Support
122.06 - Swing Low
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will enter buy orders once the low for the B blue wave is in place.
