General overview for 06/07/2016:
The triangle downside breakout occurred as anticipated after a small, internal triangle pattern in wave e had been terminated as well. Currently, the market is trading below the weekly pivot and one more low below the level of 109.55 is still being expected. There are no signs of any divergence yet as well.
Support/Resistance:
109.07 - WS3
109.55 - Wave iii Bottom
110.32 - WS2
111.37 - Intraday Support
112.53 - WS1
113.29 - Intraday Resistance
113.66 - Weekly Pivot
114.78 - Intraday Resistance
115.48 - Technical Resistance
116.00 - WR1
117.07 - WR2
119.33 - WR3
Trading recommendations:
The sell order should be kept open and SL should be moved to the level of 113.30. The reason for this trade is that there is still one more wave to the downside missing.
