General overview for 01/04/2016:
The impulsive wave progression to the upside has been completed and now the market is in the corrective cycle. Wave A of the correction has been made already, but the correction can be more complex and time consuming. If the market breaks below the intraday support at the level of 126.95, bears will be in control over this market. If the market makes another higher high above the level of 128.21, then bulls are still in control over this market.
Support/Resistance:
127.81 - Intraday Resistance
127.42 - WR1
127.09 - 127.26 - Supply Zone
126.95 - Intraday Support
126.04 - Weekly Pivot
125.54 - WS1
124.67 - Local Low
124.18 - WS2
123.69 - WS3
123.07 - Green Impulsive Cycle Invalidation Level
Trading recommendations:
All buy orders have hit TP at the level of 128.18 and now are closed with profit. Traders should refrain from trading and wait for another trading setup to occur .