General overview for 07/11/12014 09:50 CET

Just as anticipated yesterday, the market has made three wave correction to the level of 142.18 that will be acting as an intraday support now. It doesn't look like the corrective cycle has been finished and at least one more wave down is being expected here to complete the cycle. The intraday resistance at the level of 142.89 should not be broken and market should make another leg down to the level of 141.70 before any meaningful bounce occurs. Please notice that the corrective cycle might evolve into more complex and time consuming correction in a shape of a triangle.

Support/Resistance:

144.90 - WR2

144.22 - Swing High

143.67 - WR1

142.89 - Intraday resistance

142.18 - Intraday Support

141.70 - Technical Support

Trading recommendations:

Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.