Due to wave overlaps the main count is indicating the top for wave 5 navy at the level of 1.1220 has been invalidated and new count has been made. This new count indicates more bullish wave progression from wave (B) purple low, but still shows the possibility of a current trend maturity as the five wave progression to the upside is almost done on both major and intermediate cycle degree. On daily chart we can see that five black waves to the upside are almost done and the same situation is on H4 time frame chart, where green impulsive wave development need only wave (v) green to the upside to finish the cycle. On H1 intraday time frame the main support for the price comes as the dynamic channel support at the level of 1.1206, just slightly below the intraday support at the level of 1.1230. Only a breakout below this support would expose the level of technical support at the level of 1.1150 to be tested. Otherwise more upside is anticipated.
Support/Resistance:
1.1270 – Swing High | 4 year’s high |
1.1230 – Intraday Support
1.1206 – WR2
1.1150 – WR1 | Invalidation Line |
1.1096 – Weekly Pivot
Trading recommendations:
For swing traders – all bulls should consider a partial close of the long positions on the current market prices due to a possible major upside cycle completion.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 20/03/2014 11:00 CET
Due to wave overlaps the main count is indicating the top for wave 5 navy at the level of 1.1220 has been invalidated and new count has been made. This new count indicates more bullish wave progression from wave (B) purple low, but still shows the possibility of a current trend maturity as the five wave progression to the upside is almost done on both major and intermediate cycle degree. On daily chart we can see that five black waves to the upside are almost done and the same situation is on H4 time frame chart, where green impulsive wave development need only wave (v) green to the upside to finish the cycle. On H1 intraday time frame the main support for the price comes as the dynamic channel support at the level of 1.1206, just slightly below the intraday support at the level of 1.1230. Only a breakout below this support would expose the level of technical support at the level of 1.1150 to be tested. Otherwise more upside is anticipated.
Support/Resistance:
1.1270 – Swing High | 4 year’s high |
1.1230 – Intraday Support
1.1206 – WR2
1.1150 – WR1 | Invalidation Line |
1.1096 – Weekly Pivot
Trading recommendations:
For swing traders – all bulls should consider a partial close of the long positions on the current market prices due to a possible major upside cycle completion.
The material has been provided by InstaForex Company – www.instaforex.com
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