General overview for 23/11/2016:
The top of the wave Y (brown) of (b) (blue) has been moved to the level of 118.14 and the whole Elliott wave count has been updated. Currently, the market should start declining to the intraday support at the level of 117.48 because it hit the daily supply zone (marked as a gray rectangle). Nevertheless, to confirm this scenario the bears must push the price out of the blue channel and and it would break out below the intraday support .
Support/Resistance:
118.47 – WR1
118.41 – Intraday Resistance
117.47 – Intraday Support
116.99 – Weekly Pivot
116.49 – WS1
116.24 – Local Low
Trading recommendations:
The corrective upward wave progression is about to be completed or it has already completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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