General Overview for 02/06/2014 09:30 CET
The impulsive wave progression in wave c purple of wave (ii) green looks completed and now any impulsive reaction to the downside will be considered as the first clue that the overall corrective cycle is finished and now downward cycle has been started. Moreover, a breakout below the supply breakthrough zone is bearish and next support level would be the weak golden trendline. Please notice that in alternate count the market might still go little bit higher before the reversal happens and this is valid for both intermediate and small internal cycles.
Support/Resistance:
139.50 - WR1
139.35 - Wave 2 High
138.95 - Intraday Resistance
138.73 - Weekly Pivot
138.60 - Intraday Support
138.50 - 138.57 - Supply Breakthrough Zone
138.11 - WS1
137.97 - Wave (i) green Low
Trading recommendations:
Daytraders should consider opening sell limit orders at the level of 138.93 with SL above the level of 139.15 and TP at the level of 138.73 with a possible extension to the level of 138.60.
