General overview for 01/10/2013 08:30 CET
Currently, there is some indication that Running Flat wave 2 violet might be finished here and the price has developed the first wave to the upside.
The alternate count, however, points out the possibility of a little more extended wave b green in the shape of Irregular Flat.
So, currently this all depends where wave (ii) green will retrace and what low/high will be taken out first:
- if the high of 1.0327 is taken out first, then the main count is in play,
- if the low of 1.0273 is taken out first, then alternate count is in play.
Due to a higher time frame the unfinished cycles bias is to the upside.
Support/Resistance:
1.0379 - WR2
1.0344 - WR1
1.0332 - 1.0347 - SUPPLY ZONE
1.0307 - Weekly Pivot
1.0285 - Intraday Support
1.0274 - WS1
1.0261 - Technical Support
1.0236 - WS2
Trading recommendations:
The price is in the middle of the range, so it is recommended to wait for some kind of a breakout (upside/downside) and then enter the market accordingly.
