General overview for 14/03/2016:
There is one more wave to be completed in the recent bullish impulsive rally before any meaningful correction will take place. The projected target level for wave 5 purple is at the level of 127.80, just where the golden trend-line dynamic resistance is. After making this local high for wave 5, the market should develop the sub-corrective wave and test the level of 125.88 before another impulsive leg upwards happens.
Support/Resistance:
127.26 - Intraday Resistance
126.05 - Weekly Pivot
125.58 - Intraday Support
124.82 - WS1
121.83 - WS2
Trading recommendations:
Day traders should buy the dips in this market with SL below the level of 126.05 and TP at the level of 127.80.