General overview for 30/10/2013 11:00 CET
The supposed Target Area for wave 5 navy as the last wave to the upside has still not been hit; and this is why I have two counts here. The first count is the main one, indicating wave 5 navy is done prematurely, so wave A green cycle is finished as well.This would mean the market is in wave B green corrective cycle that must be finished before wave C green is made. Break below grey rectangle support zone is first clue confirming this view.
On the other hand, the wave progression might be still developing a Triangle for wave 4 navy and the alternate count in H1 time frame is showing this possibillity also.
Current labeling and target area for wave 5 navy with market geometry can be seen in H4 chart.
Support/Resistance:
1.0490 - Wave 5 navy Target level
1.0471 - Intraday High
1.0451 - Intraday Support
1.0427 - Technical Support
1.0417 - 1.0410 - Wave 4 Support Zone | Key Level |
1.0405 - Weekly Pivot
Trading recommeandations:
The H1 uptrend is mature and very near to complete, so caution is required. The best option to trade now is to short in Target Area of 1.0490-1.0505 with tight SL and open TP for now.
