Yesterday’s level of 134.56 did not hold as a top for wave X brown and after NFP extension went up just to go lower in the overnight trade.
This count still indicates a very large WXY brown corrective wave (ii) green possibility and a shape of this correction is a Running Flat.
Currently, there are two count available here and the alternate one is more likley to be invalidated if 133.72 is taken out. The main count is in last stage of wave Y brown, which suppoed to be developed in five waves to the downside.
Target levels for wave Y are in the chart, but genneraly I expect a move below 133.72 to 133.33 to finish the Running Flat possibility and then more upside wave progression.
Support/Resistance:
135.48 – Intraday High
135.25 – WR2
134.75 – WR1
134.05 – 50%Fibo
133.72 – 61%Fibo
133.68 – Weekly Pivot
133.60 – Intraday Support
133.33 – Intraday Support | Wave Y brown Target|
133.24 – WS1
Trading recommendations:
The golden trendline downside test should be in play with entry at the 134.40 area with TIGHT SL and potential TP1 at 133.72 and TP2 at 133.33.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 23/10/2013 09:00 CET
Yesterday’s level of 134.56 did not hold as a top for wave X brown and after NFP extension went up just to go lower in the overnight trade.
This count still indicates a very large WXY brown corrective wave (ii) green possibility and a shape of this correction is a Running Flat.
Currently, there are two count available here and the alternate one is more likley to be invalidated if 133.72 is taken out. The main count is in last stage of wave Y brown, which suppoed to be developed in five waves to the downside.
Target levels for wave Y are in the chart, but genneraly I expect a move below 133.72 to 133.33 to finish the Running Flat possibility and then more upside wave progression.
Support/Resistance:
135.48 – Intraday High
135.25 – WR2
134.75 – WR1
134.05 – 50%Fibo
133.72 – 61%Fibo
133.68 – Weekly Pivot
133.60 – Intraday Support
133.33 – Intraday Support | Wave Y brown Target|
133.24 – WS1
Trading recommendations:
The golden trendline downside test should be in play with entry at the 134.40 area with TIGHT SL and potential TP1 at 133.72 and TP2 at 133.33.
The material has been provided by InstaForex Company – www.instaforex.com
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