General overview for 05/12/2013 08:30 CET
The level of 140.00 capped the upside progression and now some downside movement has started but it is lacking momentum so far.
The alternate count here seems to fit better than the main one due to ovelaping price action. This is why the main count is abc green as for Triangle pattern. Anyway, there is still a possibility that this is first i-ii, (i)-(ii) wave progression and if the golden channel holds, the price is likely to impulsivley break the channel lower line to the downside.
On the other hand, the zone of 139.41 - 139.59 is Demand Breakthrough Zone and the price above this zone increases the probability of another high tracked by alternate count.
Support/Resistance:
140.00 - 4 Year high | Technical resistance |
139.59 - 139.41 - Demand breakthrough zone
139.28 - Intraday resistance
138.80 - Weekly pivot
138.41 - Intraday support
137.96 - 138.30 - MAIN SUPPORT ZONE
137.84 - WS1
Trading recommendations:
As long as golden trend line holds, short positions should be in play with entry as close as possible to 139.00 level and SL above 139.30. TP levels are TP1 @ 138.80 and TP2 @ 138.42.
