General overview for 16/01/2017:
The low of the wave c (green) of the wave 4 (blue) seems to be in place now at the level of 120.75. The confirmation of the bottom will come with the intraday resistance at the level of a 121.18 breakout. Please notice, that according to the Elliott wave count, there is still one more big wave to the upside missing - wave (5) blue.
Support/Resistance:
120.75 - Intraday Support
120.89 - Technical Support
121.18 - Intraday Resistance
122.01 - Weekly Pivot
122.82 - WR1
123.85 - Swing High
Trading recommendations:
Day traders should consider opening buy orders only if the level of 121.18 is clearly violated. TP should be set at the level of 122.01.
