The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Moreover, the bearish divergence between the price and momentum oscillator at the top of wave iii and wave v supports this view. Currently, the marginal higher high is expected (as the wave v), and then the market should start a downward corrective cycle.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Intraday Support
115.55 – WR2
116.39 – Intraday Support
116.65 – WR3
117.70 – Intraday Resistance
Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 14/07/2016:
The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Moreover, the bearish divergence between the price and momentum oscillator at the top of wave iii and wave v supports this view. Currently, the marginal higher high is expected (as the wave v), and then the market should start a downward corrective cycle.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Intraday Support
115.55 – WR2
116.39 – Intraday Support
116.65 – WR3
117.70 – Intraday Resistance
Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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