General overview for 12/10/2016:
The top for the wave X brown has been now established at the level of 116.30 and currently the market is developing the next big leg down. From the Elliott Wave perspective, it is not yet clear whether the move down will be in the form of an impulsive progression or more complex corrective progression, mostly because the downward fall has stopped at the 50%Fibo at the level of 114.17 only. We need to wait if the level of 61%Fibo at the level of 113.67 will be hit before drawing any further conclusions. Bias is still to the downside.
Support/Resistance:
116.72 – WR1
115.19 – Weekly Pivot
114.54 – Intraday Resistance
114.05 – WS1
114.00 – Intraday Support
112.50 – WS2
Trading recommendations:
As long as the market is not back inside the golden channel, swing traders and day traders should sell the rallies with SL above the level of 115.90 (wave (b) top).
The material has been provided by InstaForex Company – www.instaforex.com
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