General overview for 24/06/2016:
The bullish count has been invalidated after the first non-official UK referendum results, so now let's take a look at the higher time frames to determine the most probable further outlook for this market. Since the top at 141.05, the market has been moving down in a corrective manner indicating a possible wave C of the overall corrective structure in wave 2. Currently, the level of 109.50 has been reached in a form of a spike down, but even this level might not be the end of the wave C. Nevertheless, the wave C is close to completion, and the uptrend should resume immediately after this corrective structure is done.
Support/Resistance:
109.50 - Local Low
111.98 - WS3
112.82 - WS2
115.06 - WS1
115.48 - Intraday Resistance
117.72 - Weekly Pivot
Trading recommendations:
All swing sell orders should be closed because the market might be at the turning point when the bigger time frame cycles have bottomed and a new impulsive cycle to the upside might start any time soon.
