Yesterday, Irregular Flat correction that should end somewhere into SUPPLY zone did not materialse, and the high of this move up was labeled as wave c green.
Currently, the wave progression is far from impulsive, so it looks like a Triangle formation in wave (b) navy will be formed, before further downside movement.
There are two waves missing to complete this Triangle pattern. The high for wave (b) should not be above the 134.93 level.
Possible target level for wave e green of (b) navy is just above the Weekly Pivot. If this level is broken, next one is SUPPLY zone.
Two possible ending for wave (b) of the Triangle are in the charts.
Support/Resistance:
135.48 – Swing High
135.08 – 135.16 – SUPPLY ZONE
134.93 – Intraday High
134.59 – Weekly Pivot
134.52 – Intraday Resistance
133.88 – Intraday Support
133.69 – WS1
133.60 – Technical Support
Trading recommendations:
Short at the level of 134.78 with SL above 134.94 and TP at 133.03
OR
Short at the level of 135.08 with SL above 135.17 and TP at 133.03.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 29/10/2013 09:00 CET
Yesterday, Irregular Flat correction that should end somewhere into SUPPLY zone did not materialse, and the high of this move up was labeled as wave c green.
Currently, the wave progression is far from impulsive, so it looks like a Triangle formation in wave (b) navy will be formed, before further downside movement.
There are two waves missing to complete this Triangle pattern. The high for wave (b) should not be above the 134.93 level.
Possible target level for wave e green of (b) navy is just above the Weekly Pivot. If this level is broken, next one is SUPPLY zone.
Two possible ending for wave (b) of the Triangle are in the charts.
Support/Resistance:
135.48 – Swing High
135.08 – 135.16 – SUPPLY ZONE
134.93 – Intraday High
134.59 – Weekly Pivot
134.52 – Intraday Resistance
133.88 – Intraday Support
133.69 – WS1
133.60 – Technical Support
Trading recommendations:
Short at the level of 134.78 with SL above 134.94 and TP at 133.03
OR
Short at the level of 135.08 with SL above 135.17 and TP at 133.03.
The material has been provided by InstaForex Company – www.instaforex.com
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