General overview for 12/12/2013 08:40 CET
The impulsive bullish count has been invalidated due to wave 1 and 4 overlapse, so this is the indication that top is in place.
Currently, impulsive wave progression to the downside has not been finished yet as there is one more wave (5) purple missing. When corrective cycle wave (4) is done more downside priceas are expected.
The target for wave (4) purple is up to Supply zone of a grey rectangle.
The target for this wave (5) purple is WS1 level or even a little below.
Support/Resistance:
1.0556 - WS2
1.0578 - Intraday Support
1.0595 - WS1
1.0612 - 1.0618 -SUPPLY ZONE
1.0620 - Intraday Resistance
1.0650 - Weekly Pivot
Trading recommendations:
Sell the WS1 level with SL above 1.0622 and TP at 1.0555
Sell the SUPPLY ZONE with SL above 1.0622 and TP at 1.0555
