General overview for 04/11/2013 08:20 CET
What we are looking for now is last wave down (wave Y brown) to complete five wave progression 1, 2, 3, 4, and 5 blue in a corrective structure wave(ii) green, called Irregular Flat.
Three waves 1, 2, and 3 blue have already been done and currently the price is in a possible wave 4 blue structure, called Triangle.
As long as Weekly Pivot level at 133.57 is not broken to the upside, still more downside is possible below wave 3 blue low at 132.56.
If Weekly Pivot is broken BEFORE new low is made - alt.green count is in play. This would mean that low for wave (ii) green might have been found. Secondary confirmation is an impulsive wave progression to the upside.
Support/Resistance:
132.45 - 132.64 - DEMAND ZONE
132.84 - Intraday Support
133.10 - Intraday Support
133.41 - Intraday Resistance
133.57 - Weekly Pivot | Main Count Invalidation Line |
Trading reciommendation:
In anticipation of wave 5 blue to the downside short positions should be in play with entry as close to the 133.41 level as possible and with SL above 133.61. Potential TP level is 132.45.
