General overview for 29/02/2016:

The first impulsive wave upward was completed and now the corrective cycle is in progress with the invalidation line at the level of 122.45. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves into a more complex and time-consuming correction even in longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

119.43 - WS3

120.96 - WS2

122.45 - Intraday Support

122.56 - WS1

124.05 - Weekly Pivot

125.01 - Intraday Resistance

125.68 - WR1

127.18 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders when the bottom of the wave B blue is in place, so buy stop orders should be placed at the level of 125.03.