General overview for 07/03/2016:
The impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a chance of a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. In case of violation, the odds of a down trend resume are high and a new low might be made.
Support/Resistance:
127.99 - WR2
126.90 - WR1
125.55 - Intraday Resistance
124.48 - Weekly Pivot
123.41 - WS1
123.09 - Intraday Support
122.06 - Swing Low
Trading recommendations:
The buy stop orders triggered after the level of 125.00 breakout were profitable for some time, but currently they should be closed and day traders should refrain from trading and wait for a better trading setup to occur in the near term.
