Bulls have managed to retrace over 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. The next targets for wave c (purple) of the wave (d) (green) are at the levels of 123.20 or 123.60. Any breakout below the intraday support at the level of 122,79 will lead to the immediate test of the wave a low at the level of 122.20. Support/Resistance: 124.43 - WR1 124.07 - Technical Resistance 123.20 - Intraday Resistance 123.01 - Weekly Pivot 122.79 - Intraday Support 121.93 - WS1 120.52 - WS2 Trading recommendations: Daytraders should consider opening sell orders only if the intraday support at the level of 122.79 is clearly violated. TP should be set at the level of 122.20.
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