General overview for 20/11/2013 08:00 CET
The One-to-One target level indicated last week has been hit, so congrats to everyone who epened positions and held them for 350 pips.
In Daily time frame, the first target level for CLASSICAL wave progression (principle of equallity) has been hit as well, so this is the first clue that this market might reverse soon. However, there is still a possibility of more impulsive wave progression in the lower time frames (H1). This progression points out the level of 137.64 as an OVERTHROW target for last impulsive wave.
In lower time frames the main count indicates the top for wave b green of wave X brown has been made and now the price should develop last leg down to complete the correction. Nevertheless, the blue alternate count still points upwards to the level of 136.01, where wave alt.v blue might be finished. In case of extension 137.64 target might be hit.
Any break below 135.13 invalidates the alt. blue count and it would mean that wave c green is in the making.
Support/Resistance:
136.82 - WR1
135.94 - Intraday High
135.38 - Intraday Support
135.14 - Invalidation Line
134.47 - 134.59 - Technical Support Zone
134.38 - Weekly Pivot
Trading recommendations:
In anticipation of wave c green to the downside short side of the market should be in play with entry at cmp and SL above the intraday high. The first confirmation for this trade to be good comes with a 135.33 break and a 135.14 breakout. Then the TP level might be set at 134.58. If those two support levels are not broken, please exit the short trades ASAP.
