General overview for 09/06/2014 07:40 CET
The wave structure develops in the anticipated shape so far and currently the market is in corrective cycle wave B black. One more wave to the downside is needed to complete the structure of a simple correction in wave B black, or the corrective cycle will transforms into a triangle formation for example. Please remember, that when this corrective structure is completed, then black wave C will develop to the upside to finish the overall cycle.
Support/Resistance:
140.46 - WR1
140.04 - Intraday Resistance
139.56 - Weekly Pivot
139.37 - Intraday Support
139.15 - WS1
138.67 - Wave (a) Low
138.24 - WS2
Trading recommendations:
Daytraders should consider opening short positions from current price levels with SL above the level of 140.08 and TP at the level of 139.56 and 139.37.
