General overview for 20/01/2017:
The Elliott wave count suggests, that wave progression from the low at the level of 120.53 is in three waves, but it has an impulsive structure. The invalidation of this structure will come with the level of intraday support at 121.39 violation, but as long as this level is not hit, the outlook remains bullish. Currently, the market is unfolding the wave four triangle pattern as a part of the intraday corrective cycle. The projected target for wave -v- is at the level of 122.82.
Support/Resistance:
120.89 - Technical Support
122.01 - Weekly Pivot
122.41 - Intraday Support
122.82 - WR1
123.85 - Swing High
Trading recommendations:
The day traders with open buy orders should place the SL just below the triangle at the level of 122.27 and set the TP at the level of 122.82.
