A labeling has been a little bit changed just to indicated a possible longer wave W brown, so this upward wave development has been relabeled to (a)(b)(c) navy cycle. Nevertheless the oveall overview remains the same: more higher prices in view.
Currently, the price is in corrective cycle wave X brown. The first leg of correction has been done (green), and now some reaction to the upside should be seen in wave b green. When it is done, last wave down, c green, will be anticipated and new highs are on the wave.
134.00 is the Key Level here for intraday traders. Breakout to the downside exposes 132.21 Intraday Support level.
Support/Resistance:
135.33 – Intraday High
134.47 – Intraday Support
134.39 – Weekly Pivot
134.00 – Technical Support
133.70 – WS1
133.21 – Intraday Support
Trading recommendations:
In anticipation of wave c green to the downside, the short side of the market should be in play from 135.33 level with a TIGHT SL and potential TP at 134.47 and 134.00.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 19/11/2013 07:25 CET
A labeling has been a little bit changed just to indicated a possible longer wave W brown, so this upward wave development has been relabeled to (a)(b)(c) navy cycle. Nevertheless the oveall overview remains the same: more higher prices in view.
Currently, the price is in corrective cycle wave X brown. The first leg of correction has been done (green), and now some reaction to the upside should be seen in wave b green. When it is done, last wave down, c green, will be anticipated and new highs are on the wave.
134.00 is the Key Level here for intraday traders. Breakout to the downside exposes 132.21 Intraday Support level.
Support/Resistance:
135.33 – Intraday High
134.47 – Intraday Support
134.39 – Weekly Pivot
134.00 – Technical Support
133.70 – WS1
133.21 – Intraday Support
Trading recommendations:
In anticipation of wave c green to the downside, the short side of the market should be in play from 135.33 level with a TIGHT SL and potential TP at 134.47 and 134.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: