General overview for 09/07/2014 10:00 CET
The impulsive wave progression to the downside is developing in line with expectations. The alternate count however indicates a more complex corrective cycle which might lead to a triangle or a double three pattern in this corrective wave. Nevertheless, the bias is still bearish regardless of the final shape of the corrective cycle. The key level shouldn't be broken and the market should follow the downside path.
Support/Resistance:
139.88 - WR2
139.32 - WR1
138.62 - Intraday Resistance |Key Level|
138.73 - Weekly Pivot
138.14 - WS1
138.09 - Intraday Support
137.69 - Technical Support
137.54 - WS2
Trading recommendations:
Swing traders with active sell orders opened last week should still be kept open due to the lower price levels expectations.
Day traders still should keep the short orders opened at the beginning of the week and wait until the TP at the level of 137.69 is hit.
