General overview for 27/01/2017:
The market has taken out the top of the wave 1/a at the level of 122.94 just as anticipated. If this is the wave three unfolding, then the next target projection is at the level of 123.84. Nevertheless, please notice that any violation of the level of 121.95 will result in impulsive count invalidation. The reason behind this scenario is more complex and time-consuming corrective sub-cycle in wave 2.
Support/Resistance:
123.74 - WR1
122.94 - Intraday Resistance
122.67 - Intraday Support
122.14 - Weekly Pivot
121.34 - WS1
120.53 - Invalidation Level
Trading recommendations:
Day traders should consider opening buy orders only due to uncompleted wave progression to the upside. The SL for all open orders should be placed below the level of 120.53 and TP should be left open for now.
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