General overview for 22/11/2013 08:20 CET
Wave progression has been developing exactly as anticipated with more upside levels being hit just as indicated yesterday.
Currently, the price has tested the old channel line from the downside and reversed slightly to bounce from Intraday Support at 136.03.
Five waves to the upside looks done and now the price is in corrective cycle wave (b).
To keep the bullish momentum going on DEMAND ZONE sould not be violated.
Support/Resistance:
136.52 - Intraday High
136.03 - Intraday Support
135.81 - 135.92 - DEMAND ZONE
135.59 - 38%Fibo
135.01 - 61%Fibo
134.38 - Weekly Pivot
Trading recommendations:
Long positions (swing traders) should keep the longs up to the level of 137.50. Buy the dips.
For intraday scalpers long positions should be in play with entry zone at 135.81 - 135.92. SL below 38%Fibo at 135.59. TP1 above new high, TP2 at 137.50
