General overview for 24/08/2015:
The long term cycle labeled as wave 5 olive might have been completed, but there is no 100% confirmation of the top to be in place yet. The first corrective cycle from 12430 top is overbalanced, so that is the first clue of a possible top. Nevertheless, the second, bigger corrective cycle is right on the overbalance support now and the level of 9800 must be violated and daily close must happen to confirm top is in place. Moreover, the Elliott wave count is suggesting a quite impulsive wave progression to the downside might in progress now, but any breakout above 10900 invalidates this scenario.
11612 – WR3
11359 – WR2
10900 – Invalidation Level
10472 – WR1
10228 – Weekly Pivot
9357 – WS1
Swingtraders should consider to close long term BUY orders or move the trailing stop loss orders up to the level of 9225.
Daytraders should consider to sell any low/climactic volume rally up to the level of 10640 with SL above 11857.