General overview for 17/01/2014 07:50 CET
The recent wave up turned out to be in three waves, so the labeling has been slighty changed, making the top at the level of 142.90 the end of wave b of an overall bigger in price and time abc Irregular Flat correction. The typical target for this kind of cycles is at 161%FE and in this case the target would be the level of 141.55. The golden trend line should provide good resistance for the price and wave (iv) blue of a smaller cycle looks like some kind of a triangle formation that is almost done. Only one last small sub-wave is needed to finish the wave (v) of wave c green and the bullish trend should resume.The target is the SUPPLY ZONE first and the a very possible breakout higher.
Support/Resistance:
143.15 - 143.31 - SUPPLY ZONE
143.06 - WR1
142.90 - Intraday High
142.28 - Weekly Pivot
142.16 - Intraday Resistance
141.70 - Intraday Support
141.55 - Target for wave c green
Trading recommendations:
For intraday scalpers: first SHORT positions should be opened from the current price level with SL above the level of 142.17 and TP at the level of 141.55 Then LONG positions should be opened with entry at the level of 141.55 SL below the level of 141.39 and TP open for now.
