General overview for 01/11/2016:
The alternative impulsive count turned out to be the correct one as the full impulsive waves are now completed. This wave progression has been labeled as wave a (green) and now it looks like some kind of a corrective structure to the downside in wave b (green) need to be unfolded. The growing bearish divergence between the price and the momentum oscillator supports the bearish view.
Support/Resistance:
116.22 - WR1
115.33 - Intraday Support
115.37 - 115.48 - Fibonacci Confluence Zone
114.57 - Intraday Support
114.53 - Weekly Pivot
113.74 - WS1
Trading recommendations:
The full five waves in the impulsive progression are completed, so day traders should consider opening sell orders with tight SL. TP level should be left open for now.
From www.instaforex.com http://ift.tt/2ej2Bnb
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