General summary for 23/11/2016: The top of the wave Y(brown)of (b)(blue)has been relocated to the level of 118.14 and the entire Elliott wave count has actually been upgraded. Presently, the marketplace should begin declining to the intraday assistance at the level of 117.48 because it struck the daily supply zone (marked as a gray rectangular shape). Nonetheless, to confirm this situation the bears should press the rate out of the blue channel and it would break out below the intraday support.Support/ Resistance:118.47 – WR1
118.41 – Intraday Resistance
117.47 – Intraday Support
116.99 – Weekly Pivot
116.49 – WS1
116.24 – Regional Low
The corrective upward wave development is about to be completed or it has already finished, so this is why daytraders must consider opening just sell orders with tight SL and TP open for now.
The material has been supplied by InstaForex Company –