General overview for 20/11/2013 08:40 CET
The bottom of wave Y brown or alt:(b) has been established sooner then expected at 1.0413 and now the price has impulsivley bounced up to the upside.
So far the bounce is in three (i,ii, iii) or two waves (i,ii, (i),(ii)) , so there is plenty of potential upside targets available. Whatsoever, if the bottom for wave Y brown of B green is in place ( can't be 100% sure yet), then a possibility of a new high is very big.
Any price back below 1.0450 is bearish and it MIGHT mean that price is trying to make a Triangle pattern in unfinished and much more complex and time consuming wave X brown, but this is currently last option I consider.
Support/Resistance:
1.0413 - Swing Low
1.0450 - Intrday Support | Invalidation LIve |
1.0458 - Weekly Pivot
1.0480 - 1.0484 - Intrday Resistance Zone | WR1 |
1.0506 - First target for wave v
1.0524 - Second target for wave v | Swing High|
Trading recommendations:
In anticipation of a upside bounce continuation long side of the market should be in play as long as the price is above the 1.0450 level. Entry should be as close to this level as possible with TIGHT SL.
