General overview for 11/09/2013 10:10 CET
The count has been slightly changed to put more ephasis on wave (iii) development in that impulsive bullish progression.
Currently, the price is in corrective cycle of sub-wave iv and this wave can be either a triangle or come as a kind of a irregular correction that may be finished already.
If wave iv is a triangle, then the recent local top at 133.36 should act as resistance (wave d) and one more small wave to the downside will be to complete the triangle ( wave e). Then the breakout to the higher leves is anticipated with the first target at 133.55 (WR2) and the second target at 133.94 (161%Fibo).
Please, notice that according to the rule of alternation, this wave may be more complex and time consuming and lower levels to WR1 or intraday support may be tested before the impulsive cycle resume.
Support/Resistance:
133.94 - Wave (iii) target level
133.55 - WR2
133.36 - Intraday High
132.84 - Intraday Support
132.61 - WR1
132.39 - Technical Support
132.19 - Intraday Support
131.80 - Intraday Support
131.19 - Weekly Pivot
Trading recommendations:
Long positions should be in play as there is unfinished impulsive cycle.
The first entry level would be at 132.80 and the second entry level would be at 131.61 with tight SL and TP at 133.55 and 133.94, respectively.
