General overview for 01/06/2015 12:10 CET
The impulsive count has been invalidated as the price has violated the level of 143.18 and made another wave down. This means that on the larger time frame the market has hit the key support zone between the levels of 141.14 - 142.09. There are now three almost equal legs down in the corrective cycle that increase the probability of a bounce, but to do this, the market must break out above the intraday resistance at the level of 143.18 and then fill the gap. Otherwise the intraday bias is still bearish as the weekly support at the level of 140.54 might be tested before any meaningful bounce will happen.
Support/Resistance:
140.54 - WS2
141.95 - WS1
141.36 - Intraday Support
143.18 - Intraday Resistance
144.10 - 144.42 - Gap Zone
144.58 - Weekly Pivot
145.57 - Technical Resistance
146.22 - WR1
Trading recommendations:
Daytraders and swingtraders should consider to open buy orders from current market levels with SL below the level of 140.54 and TP at the level of 144.42 with a possible extension to the level of 144.75.
