General overview for 12/08/2016:
As anticipated yesterday, wave c green is unfolding to the downside and it is quite possible that one more sub-wave will develop before the market bounces higher. The projected target for wave c green is at the level of 1.2935. Please notice that the growing bullish divergence supports the view that reversal is near.
Support/Resistance:
1.3282 - WR1
1.3251 - Wave Y Top
1.3146 - Intraday Resistance
1.3135 - Weekly Pivot
1.3080 - WS1
1.3000 - Intraday Resistance
1.2955 - Intraday Support
1.2935 - WS1
Trading recommendations
The bearish wave progression migth be terminated any time now, so day traders should consider to buy the dips in this market with tight, floating SL. TP is currently open.
