The round number of 140.00 has been hit yesterday as anticipated and price reversed intraday to hit the grey rectangle zone but it never closed above the zone.
The Daily candle looks like a Shooting Star now and this might be the first indication that the trend might start to reverse IF the candlestick formation is confirmed.
In intraday chart it looks like the golden trendline holds so far any upside price progression. From yesterdays top @ 140.00 traders can see quite sharp reversal to the downside that is labeled af wave 1OR A green. This is so, because currently there is a possibility that the whole area from 140.00 to 138.30 is a Triangle zone for wave alt.(4) purple. The indicated top is only temporary assumption based on Triple ZIgZag count so it needs confirmation.
Any new high puts alternate count in view but please remember this can be fake breakout in wave B green of the triangle.
Support/Resistance:
140.78 -141.01 – Potential target for wave (5) purple in alternate count
140.60 – WR1
140.00 – Round number resistance
139.02 – 138.82 – Supply breakout zone
138.80 – Weekly pivot
138.66 – Intraday low
138.29 – Intraday support
138.00 – Technical support
Trading recommendations:
Intraday short position should be in play from golden trend line resistance with SL above 140.11. Take profit level is Open for now but first logical is 138.66 and possible 138.30.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 04/12/2013 09:20 CET
The round number of 140.00 has been hit yesterday as anticipated and price reversed intraday to hit the grey rectangle zone but it never closed above the zone.
The Daily candle looks like a Shooting Star now and this might be the first indication that the trend might start to reverse IF the candlestick formation is confirmed.
In intraday chart it looks like the golden trendline holds so far any upside price progression. From yesterdays top @ 140.00 traders can see quite sharp reversal to the downside that is labeled af wave 1OR A green. This is so, because currently there is a possibility that the whole area from 140.00 to 138.30 is a Triangle zone for wave alt.(4) purple. The indicated top is only temporary assumption based on Triple ZIgZag count so it needs confirmation.
Any new high puts alternate count in view but please remember this can be fake breakout in wave B green of the triangle.
Support/Resistance:
140.78 -141.01 – Potential target for wave (5) purple in alternate count
140.60 – WR1
140.00 – Round number resistance
139.02 – 138.82 – Supply breakout zone
138.80 – Weekly pivot
138.66 – Intraday low
138.29 – Intraday support
138.00 – Technical support
Trading recommendations:
Intraday short position should be in play from golden trend line resistance with SL above 140.11. Take profit level is Open for now but first logical is 138.66 and possible 138.30.
The material has been provided by InstaForex Company – www.instaforex.com
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