General overview for 13/01/2015 09:15 CET
The projected target for wave 5 purple has been hit, but the market is continuing to make higher highs as the impulsive structure looks incomplete yet. This is why the overall scenario has been a little changed and the top for wave iii black has been established at the level of 1.1867 now. Please notice the momentum oscillator is starting to diverge from price and bearish divergence is building now. The current scenario expects an internal corrective sub-cycle in wave (iv) blue and then another high will be made.
Support/Resistance:
1.1987 - WR2
1.1977 - Intraday Resistance
1.1926 - WR1
1.1895 - 1.1912 - Target Zone
1.1887 - Intraday Support
1.1829 - Weekly Pivot
Trading recommendations:
The target zone for wave 5 purple has been met and now the corrective decline might happen very soon. One more wave to the upside is being expected before any meaningful corrective cycle will start.
