The bullish impulsive count has almost been invalidated due to the very deep retrace in wave (iv) green in shape of irregular flat (a)(b)(c) pattern. Currently, the market is trying to bounce higher and test the key level of recent support breakout at the level of 142.20. In case of failure here, the market should fall farther down and break the golden trendline to invalidate the impulsive count.
On higher time frames, the count is getting more complex now with the alternate labeling provided on H4 time frame. There is still a possibility that the price is in wave 4 purple triangle and traders can see more of the whipsaw price action that is typical for triangle formation.
Support/Resistance:
143.78 – Swing High
143.68 – Technical Resistance
142.53 – WR1
142.20 – 142.30 – Key Level
141.68 – Intraday Resistance
141.48 – Weekly Pivot
140.38 – Invalidation Line
139.36 – WS1
Trading recommendations:
Buy stop orders should be opened from the level of 141.71 with SL below the level of 140.85 and TP at the level 142.20.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 17/03/2014 11:11 CET
The bullish impulsive count has almost been invalidated due to the very deep retrace in wave (iv) green in shape of irregular flat (a)(b)(c) pattern. Currently, the market is trying to bounce higher and test the key level of recent support breakout at the level of 142.20. In case of failure here, the market should fall farther down and break the golden trendline to invalidate the impulsive count.
On higher time frames, the count is getting more complex now with the alternate labeling provided on H4 time frame. There is still a possibility that the price is in wave 4 purple triangle and traders can see more of the whipsaw price action that is typical for triangle formation.
Support/Resistance:
143.78 – Swing High
143.68 – Technical Resistance
142.53 – WR1
142.20 – 142.30 – Key Level
141.68 – Intraday Resistance
141.48 – Weekly Pivot
140.38 – Invalidation Line
139.36 – WS1
Trading recommendations:
Buy stop orders should be opened from the level of 141.71 with SL below the level of 140.85 and TP at the level 142.20.
The material has been provided by InstaForex Company – www.instaforex.com
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