The impulsive wave progression to the downside is developing as anticipated and the alternative count has been invalidated. Currently, the market is in wave 4 corrective cycle. One more wave to the downside is missing, so lower prices should be expected when the correction is completed. Please, notice the invalidation level for the purple impulsive bearish count is at the level of 138.42 and any violation of this level would mean that the corrective cycle in wave 2 black is still in progress.
Support/Resistance:
139.88 – WR2
139.32 – WR1
138.73 – Weekly Pivot
138.14 – WS1
138.10 – Intraday Resistance
137.69 – Technical Support
137.54 – WS2
137.48 – Intraday Support
136.99 – WS3
Trading recommendations:
Swing traders with active sell orders opened last week should still keep them open due to the lower price levels expectations.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 11/07/2014 10:05 CET
The impulsive wave progression to the downside is developing as anticipated and the alternative count has been invalidated. Currently, the market is in wave 4 corrective cycle. One more wave to the downside is missing, so lower prices should be expected when the correction is completed. Please, notice the invalidation level for the purple impulsive bearish count is at the level of 138.42 and any violation of this level would mean that the corrective cycle in wave 2 black is still in progress.
Support/Resistance:
139.88 – WR2
139.32 – WR1
138.73 – Weekly Pivot
138.14 – WS1
138.10 – Intraday Resistance
137.69 – Technical Support
137.54 – WS2
137.48 – Intraday Support
136.99 – WS3
Trading recommendations:
Swing traders with active sell orders opened last week should still keep them open due to the lower price levels expectations.
The material has been provided by InstaForex Company – www.instaforex.com
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