General Overview for 30/09/2013 10:45 CET
The weekend gap down hit the first downside target projection level, but the overall impulsive bullish count is now invalidated due to wave 1-4 green overlapse.
There are two possible wave progression scenarios that I'm currently tracking:
SCENARIO 1: MAIN COUNT - The vast majority of waves inside green triangle in Daily chart developed in three subwaves, so there is another clue, that the main count of (W)(X)(Y) Irregular Flat OR Running Flat complex corrective wave 2 blue pattern might be in progress. The first clue that this labeling is correct is a breakout to the downside through the green triangle line (that acts as support now), and then through 50 and 100 DMA zone att 131.25 - 130.56. The break out must develop in impulsive fasion (five waves to the downside).
SCENARIO 2: ALTERNATE COUNT - This count still points out the possible ABCDE blue Triangle completed and now the upside sequence is in Expanding Leading Diagonal wave 1 of the last wave to the upside ( Wave 5 black). This Expaqnding Leading Diagonal count is valid as long as the 129.91 level is not broken (H4 chart). If this level is broken, it is very probabble that this pair is going to visit the 127.99 level next.
Support/Resistance:
131.65 - Technical Support
131.68 - 100%Fibo Extension
132.39 - 132.75 - GAP
132.46 - Weekly Pivot
132.67 - Technical Resistance
133.17 - WR1
Trading recommendations:
As long as weekend GAP is not closed, short positions within a triangle range should be in play: entries as close as it can get to Weekly Pivot level, with SL above 132.76 and potential TP level at 131.68
