General overview for 22/09/2016:
The main impulsive count has been invalidated due to wave (1) and wave (2) overlaps, so now the alternative count is in play. According to this count, the market has made the bottom of the wave (b) at the level of 112.06 and now the wave (c) is in progress. The overall structure for this corrective wave structure might be in form of (a)(b)(c)(d)(e) triangle that will constitute the bigger time frame wave B.
Support/Resistance:
112.06 - Intraday support
112.36 - WS2
112.53 - Intraday Support
112.92 - WS1
114.00 - Golden Trend Line Support
114.38 - Intraday Resistance
114.49 - Weekly Pivot
115.04 - WR1
116.36 - Local Swing High
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL just below the level of 112.06 and TP open for now.
