General overview for 18/05/2016:
The corrective structure in wave (ii) green in form of the abc zig-zag pattern looks completed with a top at the level of 124.17. Currently, we should see the downward acceleration and intraday support level breakout. Nevertheless, please remember that the invalidation of this structure is at the level of 124.65. So as long as the internal corrective cycle in a potential wave (ii) green is developing below this level, chances for a downward trend continuation are high.
Support/Resistance:
121.47 - Swing Low
121.56 - WS1
122.67 - Intraday Support
123.11 - Weekly Pivot
124.17 - Intraday Resistance
124.08 - WR1
124.55 - Wave (b) High
125.61 - WR2
Trading recommendations:
Day traders should consider selling the rally in this market with SL above the level of 125.65 and TP open for now, because we expect an impulsive wave progression to the downside to continue in the near term.
