General overview for 01/10/2013 08:00 CET
Wave (iv) black has been finished earlier than I thought and it was not in triangle shape, making wave (v) just a little lower at 131.62. This was the end of the whole decline, temporary labeled as wave 4 green low.
Five waves impulsive rally that had happened after is done for now and it is correction time. The good level for support is the previous GAP area with first level at 132.73.
Please, notice that so far the golden channel line holds and there is no close above the line yet. The key level to the upside is still 133.98 (Technical Resistance area).
Support/Resistance:
131.62 - Swing Low
132.46 - Weekly Pivot
132.61 - 132.73 - Technical Support Zone
133.98 - Technical Resistance | Demand Breakthrough Zone
134.72 - 134.90 - SUPPLY ZONE
Trading recommendations:
Buying within the techncial support zone of the grey rectangle is the way to go with SL below Weekly Pivot and potential Tp at 133.50 and 133.98.
