General overview for 08/06/2016:
The top for the possible wave i was made at the level of 122.68 and then the marked did a three wave decline towards the level of 121.34. The low of this decline was labeled as wave ii, so now it is possible to develop another up wave, that will break out above the 122.68 high. The invalidation line for this impulsive scenario is at the level of 120.80.
120.56 - WS3
121.33 - Intraday Support
121.78 - Weekly Pivot
122.68 - Intraday Resistance
122.74 - WR1
Swing traders should close all their long-term swing sell orders as the market might be ready to establish a long-term bottom and reverse upwards.