The count has been slightly changed due to the recent price action. The top for wave 2 green might be in place now as the full five wave progression can be labeled. An alternate count suggests that the current structure is an abc irregular flat correction that might end soon at one of the Fibonacci levels. Nevertheless, any breakout below the level of 1.1004 would suggest more weakness is coming into the market and wave progression would invalidate the alternate count. Another clue that indicates the top for wave 2 might be in place is the fact that the market is testing the weekly pivot at the level of 1.1062 and starts to trade below it.
Support/Resistance:
1.0952 – Swing low
1.1004 – Intraday support
1.1008 – WS1
1.1062 – Weekly pivot
1.1070 – Intraday resistance
Trading recommendations:
For intraday scalpers: short positions should be opened from the level of 1.1070 with SL above the level of 1.1077 and TP at the level of 1.1029 and 1.10004.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 13/03/2014 10:30 CET
The count has been slightly changed due to the recent price action. The top for wave 2 green might be in place now as the full five wave progression can be labeled. An alternate count suggests that the current structure is an abc irregular flat correction that might end soon at one of the Fibonacci levels. Nevertheless, any breakout below the level of 1.1004 would suggest more weakness is coming into the market and wave progression would invalidate the alternate count. Another clue that indicates the top for wave 2 might be in place is the fact that the market is testing the weekly pivot at the level of 1.1062 and starts to trade below it.
Support/Resistance:
1.0952 – Swing low
1.1004 – Intraday support
1.1008 – WS1
1.1062 – Weekly pivot
1.1070 – Intraday resistance
Trading recommendations:
For intraday scalpers: short positions should be opened from the level of 1.1070 with SL above the level of 1.1077 and TP at the level of 1.1029 and 1.10004.
The material has been provided by InstaForex Company – www.instaforex.com
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