General overview for 25/10/2013 11:00 CET
All previous alternate counts have been invalidated, and now there is a bottom for wave B navy at 1.0269, and the current wave progression is an impulsive wave to the upside. Whether it will become a wave C navy or just the first leg of it - it is rather hard to say right now, but if the target is hit, then wave C nave will be developed in full five waves.
Please notice that this latest burst up above wave 3 high might be a part of a Running Triangle pattern that is characteristic for wave 4. So any break down below blue line and then WR2 level means that wave 4 might be still in progress and please be prepared for more choppy price action.
Support/Resistance:
1.0473 - 38%Fibo Extension | Wave 5 Target |
1.0461 - WR3
1.0436 - Intraday Support
1.0425 - WR2
1.0410 - Intraday Support
1.0389 - 1.0395 - Technical Support Zone
Trading recommendations:
Long positions should be in play for intraday scalp into Target Area at 1.0473.
When the target area meets intraday short positions, it can be initiated with TIGHT SL in case wave 5 gets extended.
