General overview for 16/11/2016:
The alternative count of a big triangle in wave 4 turned out to be the correct one. Just before the US Presidential Campaign termination, the last wave of the triangle has been completed and since then the market is declining towards the green trend line. The first wave of this decline, wave 1, is almost completed, so now it is time for an internal correction, wave 2. The projected target level for this wave is 1.0850, but if the correction ends sooner than expected, then the decline will be bigger.In order to invalidate this bearish scenario, the market would have to break out above the wave 4 top at the level of 1.1300.
1.0709 – Intraday Support
1.0775 – Technical Resistance
1.0850 – Projected Target Level for Wave 2
1.1300 – Invalidation Level
This might be the anticipated triangle break out, so only a sell orders should be considered*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.