General overview for 16/09/2013 11:30 CET
Currently, the price stays in range between 131.65 - 132.38, hoovering around Weekly Pivot level and green Triangle line.
Wave (iv) green correction is getting more and more complex and time consuming. The Triagle breakout does not look very conveniencing now and there is a possibility it is a fake breakout. Price breakout is rather timid and shy instead of more impulsive wave progression. Price was unable to climb back above the golden trend line. There is a channel in the H1 chart that might provide further clues wether the breakout is geniue or false.
Nevertheless, the H1 wave count is still bullsih with both maing and laternate labeling and only a GAP fill and breakout th the downside below 129.88 would invalidated both main and alternate labeling.
Support/Resistance:
133.35 - Swing High
133.32 - WR1
132.70 - DEMAND BREAKTHROUGH AREA
132.38 - Intraday Resistance
132.15 - Weekly Pivot
131.65 - Intraday Support
130.95 - WS1
130.84 - 130.96 - GAP Zone
129.88 - Swing Low
129.75 - WS2
Trading recommendation:
Due to unfinished higher time frame cycles the bias is to the upside.
For intraday trading:
- long positions are preffered only if 132.38 is broken. TP would be 132.70.
- short positions are prefered only if 131.65 is broken. TP would be 130.95.
Beware of fake breakouts!
