General outlook for 13/09/2013 10:00 CET
Due to wave i-iv overlapse the count has been re-labeled and now alternate count is in play. This count indicates, that the top of wave (iii) is already at 133.35 and now the price is in corrective cycle of wave (iv). This cycle might have been finished now at 131.72 OR it might be only a first leg of more complex correction. So far, the impulisve wave progression lacks the momentum, but RSI (14) Bullish divergence suggests higher prices.
The area of 132.70 - 132.77 must be broken to expost the last hight test/breakout.
Support/Resistance:
133.55 - WR2
133.35 - Swing High
132.70 - 132.77 - Supply Zone
132.60 - WR1
132.24 - Intraday Support
131.72 - Technical Support
131.19 - Weekly Pivot
130.84 - 130.97 - GAP
130.26 - WS1
Trading recommendations:
Bias is to the upside as there is wave (v) missing, so long positions should be in play. Entry at Intraday Support level of 132.24 with tight SL and potential TP at 133.35 IF 132.77 is broken.
