The old alternate counts have been invalidated as price retraced above 61%Fibo yesterday.
Finally price break out of the blue channel and now some downward pressure might occur if 133.60 level is broken.
Here are two main support levels to be tested and it all depends on whether they hold for now, because the deeper the retrace goes, the higher the probability of alternate count. This alternate count, (a)(b) blue, indicates wave (c) blue to the downside is still possible and only when it completes wave B black is finished.
Break of the aqua blue line is bullish, but be aware of fake breakouts!
Support/Resistance:
134.00 – Inraday High
133.82 – 61%Fibo
133.70 – WR1
133.60 – OLD SUPPLY ZONE
133.15 – Intraday Support
132.90 – Intraday Support
132.45 – Weekly Pivot
Trading recommendations:
Break of 133.60 Old Supply Zone is bearish and 133.15 should be tested then.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 13/11/2013 09:10 CET
The old alternate counts have been invalidated as price retraced above 61%Fibo yesterday.
Finally price break out of the blue channel and now some downward pressure might occur if 133.60 level is broken.
Here are two main support levels to be tested and it all depends on whether they hold for now, because the deeper the retrace goes, the higher the probability of alternate count. This alternate count, (a)(b) blue, indicates wave (c) blue to the downside is still possible and only when it completes wave B black is finished.
Break of the aqua blue line is bullish, but be aware of fake breakouts!
Support/Resistance:
134.00 – Inraday High
133.82 – 61%Fibo
133.70 – WR1
133.60 – OLD SUPPLY ZONE
133.15 – Intraday Support
132.90 – Intraday Support
132.45 – Weekly Pivot
Trading recommendations:
Break of 133.60 Old Supply Zone is bearish and 133.15 should be tested then.
The material has been provided by InstaForex Company – www.instaforex.com
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