General overview for 06/09/2016:
The wave a of the corrective structure in wave (2) has been completed. The wave b looks completed as well, but might evolve into a more complex correction. The projected min. target for this wave is at the level of 115.01 (the previous wave 4 low), but the correction might get more complex and time-consuming. Moreover, the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress, but so far the impulsive labeling has been fitting better to the market situation.
Support/Resistance:
116.32 – Intraday Resistance
115.58 – Weekly Pivot
115.01 – Intraday Support
114.80 – WS1
113.09 – WS2
Trading recommendations:
The main part of the downward movement has been done already, so day traders should refrain from trading and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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