General overview for 06/02/2017:
The corrective cycle continues after a failed impulsive wave development that ended only in three waves. The current wave structure looks like a complex WXYXXZ pattern and it is about to complete. The first projected level for wave c of wave Z (brown) is at the level of 120.52. If the wave Z (brown) is completed there, then the whole correction in wave (4) (blue) will be completed as well, so the last wave to the upside, wave 5 (blue) might start to unfold at last.
Support/Resistance:
123.84. - WR2
123.30 - Wave XX Top
122.51 - Intraday Resistance
122.41 - WR1
121.70 - Weekly Pivot
121.01 - Intraday Support
120.52 - Technical Support
Trading recommendations:
Day traders should consider opening sell order from current levels with SL above the level of 121.01 and TP at the level of 120.52.