General overview for 18/07/2014 11:00 CET
The market has made an extended fifth wave to the downside that has completed at the weekly support pivot level as anticipated. The recent low has been labeled as green wave 1 of the overall wave progression. Now, the market is in the corrective cycle of green wave 2. Please notice, that the alternate labeling suggests even more impulsive wave progression to the downside. The key level for the bears is at the technical resistance zone between the levels of 137.48 - 137.62. If this zone is not broken, there is still a possibility of one more wave to the downside.
Support/Resistance:
138.00 - Weekly Pivot
137.61 - 137.48 - Technical Resistance |Key Level for Bears|
137.41 - Intraday Resistance
137.17 - WS1
136.67 - WS2
Trading recommendations:
Day traders should consider to open a sell orders from the level of 137.41 with SL above the level of 137.63 and TP at the level of 136.67 with a possible downside extension.
