General overview for 18/05/2016:
It is quite possible that a longer term bottom had been established on this market, so we will analyze it in two time frames:
– weekly – this long-term cycle indicates a bottom for the wave 2/B at the level of $1045 and a first bullish impulsive rally towards the resistance at the level of old wave four of the lower degree. The failure is expected here as the lower time frames trend is mature and corrective cycle towards the level of 75 – $1180 is expected. When this correction is completed, another impulsive rally should develop towards the level of $1566.
– daily – the impulsive structure looks mature and it can terminate any time soon as there is only one wave to the upside missing to complete the structure. When the last wave (v) in form of an Expanding Ending Diagonal structure is completed, then a cocorrectiveycle towards the level of $1180 is ananticipated
Support/Resistance:
1307.50 – Local Top
1180.00 – 1175.00 – Projected Target Area For Wave 2/B
1045.25 – Long Term Cycle Support
Trading recommendations:
All buy orders shshouldow be closed as the trend is mature and might reverse soon. Nevertheless, swing traders shshouldonsider to buy the dips as the market will be in the corrective cycle towards the level of $1180, with the SL below the level of $1045 and TP open for now.
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