General overview for 11/04/2016:
The current corrective cycle labeled as ABC is about to complete and the new, impulsive structure to the upside should develop soon. As per daily time frame technical picture, the current progression to the downside is about to complete and as soon as the wave 4 is done, the market should reverse lower. The invalidation line is at the level of 110.64 ( wave 1 and wave 4 overplapse) so please keep an eye on that level.
106.01 – WS1
108.94 – Weekly Pivot
110.25 – WR1
110.64 – Invalidation Level
113.02 – WR2
115.29 – WR3
As long as the level of 110.64 is not clearly violated the bears are in control over this market and lower prices are anticipated in the short-term.
On the bigger time frames however, there is a possible corrective cycle termination and impulsive price reversal to come in the long-term.