We still expect the downward correction | 01 سبتمبر 2016

Daily chart: a very active trend attack on ADX promises buyers good northern outlook (in the medium run - up to 106.30)

Н4: local strong resistance 103.98 (the upper Bollinger band, plus the round psychological level). All indicators are heavily overbought. Support is around 102.45 (middle Bollinger band)

Н1: expressed massive bearish divergence of the oscillator indicates the inability of the price to move higher than 103.58-103.98, from where we can wait for a correction towards 102.93 and 102.45.

The main scenario - touch of 103.58 - 103.98 and then downward correction to 102.93 and 102.45

The alternative scenario - a direct drop to 102.93 and 102.45

Trading solutions: So, we are looking for downward entries inside 103.58 - 103.98 to 102.93 and 102.45