General overview for 21/12/2016:
The intraday bounce toward the weekly pivot at the level of 123.01 has failed. Bulls have managed to retrace almost 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. Any breakout below the intraday support at the level of 121.66 will lead to the immediate test of the wave a low at the level of 120.89.
Support/Resistance:
124.43 - WR1
124.07 - Technical Resistance
123.01 - Weekly Pivot
122.79 - intraday Resistance
121.66 - Intraday Support
121.93 - WS1
120.52 - WS2
Trading recommendations:
Daytraders should consider opening sell orders only if the intraday support at the level of 121.66 is clearly violated. TP should be set at the level of 120.89.