General overview for 02/06/2016:
Since the wave X top is at the level of 124.20, the Elliott wave progression develops just as anticipated. The wave (a) and wave (b) of the overall three wave downside move are now in place, so currently only wave (c) must be developed in order to complete the structure. The projected target for this wave is at the level of 121.47.
Support/Resistance:
124.85 - WR3
124.65 - Wave (b) High
124.23 - WR2
123.42 - WR1
122.82 - Weekly Pivot
122.63 - Intraday Resistance
121.99 - WS1
121.89 - Intraday Support
121.48 - Black Impulsive Count Invalidation Level
121.40 - WS2
Trading recommendations
All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.13.
