General overview for 08/07/2016:
The market keeps trading below the weekly pivot and one more low below the level of 109.55 is still being expected. Currently, the price is trading inside of the congestion zone between the intraday resistnace at the level of 113.36 and intraday support at the level of 110.82. There are no signs of any divergence yet as well. Patience is needed.
Support/Resistance:
109.07 - WS3
109.55 - Wave iii Bottom
110.32 - WS2
110.83 - Intraday Support
112.53 - WS1
113.29 - Intraday Resistance
113.66 - Weekly Pivot
114.78 - Intraday Resistance
115.48 - Technical Resistance
116.00 - WR1
117.07 - WR2
119.33 - WR3
Trading recommendations:
The sell order should be kept open and SL should be moved to the level of 113.30. The reason for this trade is that there is still one more wave to the downside missing.
