General overview for 18/04/2016:
The impulsive wave progression to the downside is developing as anticipated. The wave 3 purple of the overall five waves was made and now the market is in corrective cycle, wave 4. The correction can evolve into complex and time-consuming pattern, but cannot violate the level of 122.75. When the weekend gap is filled, the market should reverse and move lower to complete the impulsive progression.
Support/Resistance:
121.27 - WS1
121.69 - Intraday Support
122.53 - Intraday Resisance
122.63 - Weekly Pivot
122.72 - Invalidation Level
123.12 - WR1
124.21 - Technical Resistance
124.48 - WR2
124.98 - WR3
Trading recommendations:
Traders who are still short ( as recommended last week), should move the SL just above the level of 122.73 and set TP at the level of 121.27.
