General overview for 02/08/2016:
The market is trading in a horizontal range between the weekly pivot at the level of 114.86 and intraday support at the level of 113.91.The bottom for the wave c green seem to be in place, but this corrective counter-trend wave progression might evolve into more complex and time-consuming pattern. If there is no clear break out above the level of 117.12, then this scenario is very likely.
Support/Resistance:
118.45 - Technical Resistance
118.15 - WR2
117.12 - Intraday Resistance
115.85 - WR1
114.86 - Weekly Pivot
113.91 - Intraday Support
112.62 - WS1
111.61 - WS1
Trading recommendations:
Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.
