General overview for 16/11/2016:
The blue wave (b) is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.49. According to the bearish scenario, there is still one more wave to the downside missing – the green wave c – which is a part of the blue wave c.The growing bearish divergence between the price and the momentum oscillator supports the view.
117.49 – Intraday Resistance
117.19 – WR1
116.58 – Intraday Support
115.45 – Weekly Pivot
114.37 – WS1
112.66 – WS2
Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the WR1 level and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com