General overview for 30/01/2017:
The market is trading around the weekly pivot at the level of 122.66 after the local top at the level of 123.30 has been established. This top will now act as an intraday resistance for the price. The Elliott wave labeling still points out the possibility of a three-wave cycle to the upside (1/a, 2/b, 3/c) instead of fully developed impulsive wave progression. Nevertheless, to confirm that, the market would have to break out below the wave 2/b bottom at the level of 121.13.
Support/Resistance:
124.13 - WR1
123.84 - Technical Resistance
123.30 - Intraday Resistance
122.66 - Weekly Pivot
121.96 - WS1
121.13 - Wave 2/b Bottom
120.48 - WS2
Trading recommendations:
Day traders should open the buy orders only if the level of 123.30 is clearly violated (hourly candle close above this level). Otherwise, the day traders should refrain from trading as the market might move sideways for some time.
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