General overview for 09/09/2016:
Bulls managed to retrace 61% of the previous swing down, but this rally upward is not very impulsive. This means it can be a part of a more complex wave development in wave (2) that will evolve into a more time-consuming correction. If there is no visible impulsive wave development to the upside, then the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress. Nevertheless, so far the impulsive labeling has been fitting better to the market situation.
Support/Resistance:
116.32 - Swing High
115.58 - Weekly Pivot
115.44 - Intraday Resistance
114.80 - WS1
113.86 - Intraday Support
113.09 - WS2
Trading recommendations:
Buy orders should be still kept open as there is still a chance for another wave up towards the level of 116.36.
