General overview for 28/11/2016:
The price have got back to the channel (dashed blue line) and now is trading just around the weekly pivot at the level of 119.23. A three-wave decline towards the intraday support at the level of 118.99 looks corrective, but it might not be the complete wave (iv). The ideal target for the correction would hit the lower level, the weekly pivot support level 1 at 118.31 and then the market would rebound. This scenario is valid as long as no new high above the level of 120.16 is made.
Support/Resistance:
112.16 - Intraday Resistance
119.23 - Weekly Pivot
118.99 - Intraday Support
118.32 - WS1
116.37 - WS2
Trading recommendations:
Due to the corrective cycle still unfolding, the daytraders should open only buy orders around the level of 118.50 as there is uncompleted wave progression to the upside.
