General overview for 12/11/2013 07:00 CET
The corrective cycle starts to turn itself into more complex one and so far it looks like a possible triangle formation here. However, I am not ruling out the possibility of abc green correction in form of a Running Flat.
The Main Count Invalidation Line is at 1.0461 and if broken, then wave X top is in, and more downside wave progression is in play.
So far 61% Fibio level at 1.0487 acts as a resistance quite well and breaks out above, it is the first clue that the corrective cycle is over.
Support/Resistance:
1.0390 - 1.0395 - Techncial Support Zone
1.0404 - Swing Low
1.0426 - WS1
1.0440 - Intraday Support
1.0461 - Main Count Invalidation Line
1.0463 - Intraday Support
1.0466 - Weekly Pivot
1.0487 - 61% Fibo
1.0488 - 1.0502 - SUPPLY ZONE
1.0524 - 1.0525 - TARGET ZONE FOR WAVE (5)
Trading recommentadions:
As long as Weekly Pivot and DEMAND ZONE holds the long side of the market, it should be in play in anticipation of wave (5) cycle to come. SL is below 1.0460 and potential TP1 is at 1.0500 and TP2 is at 1.0525.
In case DEMAND ZONE is broken, short side of the market should be in play with SL above Weekly Pivot and TP at 1.04440 for intraday scalp orders.
