General overview for 04/01/2016 09:30 CET
An anticipated wave c purple to the downside has developed correctly, but the whole structure might be close to invalidation if the level of 129.65 is violated. In H4 time frame, the bigger cycle wave B blue bottom is exactly at the level of 129.65 and then the bullish impulsive cycle starts in form of a wave 1. The main count is still valid, but to confirm a bullish breakout and trend reversal, the price must violate the technical resistance at the level of 131.02.
Support/Resistance:
129.65 - Bigger Time Frame Impulsive Count Invalidation Level
129.80 - WS1
130.14 - Intraday Resistance
131.02 - Technical Resistance
131.14 - Weekly Pivot
131.62 - WR1
Trading recommendations:
Daytraders should consider buying on the dips in this market with SL below the level of 129.64 and TP open for now.
