General overview for 05/08/2016:
The market trades in very narrow range as the Elliott wave count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle.The current low at the level of 113.01 might be the bottom for wave b green, but confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscillator supports the bullish outlook.
Support/Resistance:
118.45 - Technical Resistance
118.15 - WR2
115.85 - WR1
114.86 - Weekly Pivot
113.93 - Intraday Resistance
113.01 - Intraday Resistance
112.50 - Intraday Support
112.62 - WS1
111.61 - WS1
Trading recommendations:
Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.