General overview for 09/06/2016:
After the top for the possible wave i was made at the level of 122.68, the market has started the corrective cycle to the downside. 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. Currently, the market is still trading around the weekly pivot at the level of 121.78, but the bullish impulsive scenario is atill expected. 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.