Technical market overview:
After the bounce from the level of 100.15 (low at 99.21), the market bounced in wave B towards the last technical resistance located between the levels of 108.46 - 109.50 and now is consolidating the recent gains. The move up looks corrective, which is typical for wave B, but it does not mean the price will not break higher towards the next technical resistance - the wave B still has plenty of room to the upside to develop.
Weekly Pivot Points:
WR3 - 128.11
WR2 - 123.01
WR1 - 116.51
Weekly Pivot - 111.61
WS1 - 105.04
WS2 - 99.74
WS3 - 93.46
Trading recommendations:
All sell orders have hit the projected target zone and now should be closed in profit. The market is at the crucial level now and there is a time for the decision to make for the market participants. The more aggressive traders might consider opening the sell orders to trade the local pull-back with a target at the level of 104.59, but the rest of more conservative traders should wait for the market to make up its mind.
