General overview for 14/11/2013 09:00 CET
On November 8, I pointed out that the main focus is whether Ending Diagonal wave 5 was done or not and if the price manages to break out back to the channel, then a new high can not be outruled.
What is going on right now looks like this scenario is in play: the key level zone from November 8 in Daily chart has been broken and the price is going higher.
The nature of this move can be described by two possible counts:
- MAIN COUNT - is ZigZag count ( Triple ZigZag wave W brown) in wave W brown and then wave X brown correction ( it might be leg A of th correction as well). I count it like ZigZag because in Ending Diagonal ALL WAVES must be in three sub waves. The target for anothe up leg is 136.02 as ONe-to_One equall legs market geometry projection.
- ALTERNATE COUNT - is an Impulsive wave progression labeling and that would mean more higher prices to come, easy above the main count target, however it does not fit to Ending Diagonal idea.
In H4 chart there as pointed out Key Levels for both bulls and bears.
Support/Resistance:
134.52 - 78%Fibo
134.30 - Intraday Support
134.00 - Key Intraday Level
133.13 - Key Level For Bulls
132.20 - Key Level For Bears
Trading recommendations:
The trend looks mature and after correction is done, long positions should be in play.
If You want to trade the correction for intraday scalps go long at 134.30 with tight SL and potential TP at 134.52.
The second area to go long is 134.00 with tight SL and the same TP.
