General overview for 10/01/2017:
The intraday resistance at the level of 123.84 was clearly rejected and the price dipped below the weekly pivot level. The current labeling suggests more impulsive wave progression to come shortly, but the key to the upside levels is the wave (i) high at the level of 123.84. This line must be clearly violated so the impulsive structure could develop. Otherwise, the corrective cycle in the blue wave (4) will evolve into even more complex and time-consuming structure.
Support/Resistance:
123.97 - WR1
123.84 - Intraday Resistance
123.00 - Weekly Pivot
122.46 - WS1
122.01 - Intraday Support
121.47 - WS2
Trading recommendations:
Day traders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside supports this view.