General overview for 24/12/2013 10:00 CET
The impulsive wave development indicated yesterday has been invalidated and currently the wave outlook prefers the count of more complex and time consuming corrective cycle in wave (ii) black.
The overall corrective cycle range of 140.91 - 142.89 is still being maintained, but current wave progression indicates a possible downside development in order to complete wave (c) blue of wave iv black before uptrend continues.
The level of 142.89 is the invalidation line for this count. If this level is violated, then anticipated wave v black had started sooner than expected and market will go higher. First resistance would be at the 143.20 level.
Support/Resistance:
143.20 - WR1
142.89 - Swing High
142.69 - 142.81 - SUPPLY ZONE
142.49 - Intraday Support
142.10 - Weekly Pivot
141.84 - Intraday Support
141.33 - WS1
Trading Recommendations:
For intraday scalpers: short positions should be taken from the 142.89 level with SL just above it and potential TP1 at the 142.49 level and TP2 at the 142.10 level.
