General overview for 10/04/2014 11:22 CET
The corrective cycle has been finished in the shape of a ZigZag wave 2 or B green. The legs of the shape were equal and the top for the correction was at the level of 141.10. Please notice, this still might be only the first leg of more complex corrective structure and this is being labeled as a possible wave alt:(a) blue. Nevertheless, the downside breakout below the level of 140.44 is bearish and traders are advised to watch the level of 140.00 for a potential lower breakout as well. Any failure at this level means that the overall correction will be more complex.
Support/Resistance:
139.78 - WS2
140.03 - Swing Low
140.46 - WS1 | Intraday Support|
141.04 - Intraday Resistance
Trading recommendations:
Sell stop orders should be opened from the level of 140.44 with SL above the level of 141.04 and TP at the level of 140.00.
