General overview for 23/07/2014 10:10 CET
The downside wave progression is unfolding exactly as anticipated. Now, the downside developments should be in progress as per main count. Nevertheless, the alternate labeling is suggesting that the sell-off might be limited now as the five waves sequence is mature and some upside correction might unfold here. The target for wave alt: (v) green is at the level of 136.17 and then some bounce should be expected. The medium-term bias is still bearish.
Support/Resistance:
139.05 - WR2
138.43 - Wave 4 Top
137.91 - WR1
137.48 - 137.63 - Techncial Resistance
137.32 - Weekly Pivot
136.57 - Intraday Resistance
136.17 - WS1
136.07 - Wave alt.(v) Target Level
Trading recommendations:
The TP level has been hit. Now, day traders should wait for another setup to appear. Patience.
