General overview for 27/05/2014 07:50 CET
The wave progression goes so far in line with expectations and the current corrective cycle might be completed by the end of the week. The high of wave a green has been taken out which means this is the biggest correction in the recent wave progression from the top of the swing. There are two more levels that are with to keep an eye on: the intraday resistance at the level of 139.42 and technical resistance at the level of 139.86.
Support/Resistance:
140.63 - WR3
139.97 - WR2
139.86 - Key Level
139.48 - WR1
139.42 - Intraday Resistance
139.12 - Intraday Support
138.81 - Weekly Pivot
138.31 - WS1
138.14 - Swing Low
Trading recommendations:
Daytraders should keep the opened yesterday positions from the level of 139.13 with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.
Swing traders should wait for the correction to complete before shorting the market again.
