General Overview for 02/12/2013 10:40 CET
The five wave implusive or Triple ZigZag upside wave progression is very close to be finished as the target on H4 time frame has been hit. However, in case of extension next zone for possible wave (c) termination is 140.78 - 141.01, that can be seen on H4 chart.
On lower time frames, the wave progression seems to confirm the overall perspective: after 139.72 Friday's top price reacted impulsivley down and then consolidated but did not break the last high. Break below the golden trendline on H1 chart is bearish and break below Weekly Pivot level is the first clue that confirms the top is in. The Bearish Divergence on H1 and H4 charts seems to support this view.
On the other hand, breakout above 139.72 is bullish and more upside targets indicated on H4 chart are in view.
Support/Resistance:
141.52 - WR2
140.78 - 141.01 - Target ZOne #2
140.59 - WR1
139.72 - Last Swing High
139.11 - 138.81 - Supply Breakout Zone | Weekly Pivot |
138.29 - Intraday Support
137.99 - Technical Support
137.87 - WS1
Trading Recommendations:
Golden trend line setup is in play here:
- if the line is broken, then sell the possible rallys down to 138.81.
- if line is not broken, then 139.55 is the next resistance and test of the last high is in view. Upside breakout to H4 targets possible as well.
