The wave c purple to the downside has developed as it should, and it looks like wave (2) purple correvtion is done. Now the price should start the impulsive wave progression to the upside in direction of the new highs and target zone. If there is no impulsive wave progression, the Supply Breakthrough Zone might be broken and new low will be made. For that scenario support is at the 1.0600 level.
Any price below 1.0581 invalidates the count and top is in.
Support/Resistance:
1.0744 – WR2
1.0733 – 1.0744 – Wave 5 Target Zone
1.0710 – Intraday High
1.0689 – WR1
1.0665 – Intraday Resistance
1.0650 – Weekly Pivot
1.0623 – Intraday Support
1.0601 – Techncial Support
1.0588 – WS1
1.0557 – WS2
Trading recommendations:
As long as intraday support holds long side of the market should be in play with potential wave 5 blue to the upside progression.
If Key Level is broken, then 1.0600 is next support.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 10/12/2013 09:20 CET
The wave c purple to the downside has developed as it should, and it looks like wave (2) purple correvtion is done. Now the price should start the impulsive wave progression to the upside in direction of the new highs and target zone. If there is no impulsive wave progression, the Supply Breakthrough Zone might be broken and new low will be made. For that scenario support is at the 1.0600 level.
Any price below 1.0581 invalidates the count and top is in.
Support/Resistance:
1.0744 – WR2
1.0733 – 1.0744 – Wave 5 Target Zone
1.0710 – Intraday High
1.0689 – WR1
1.0665 – Intraday Resistance
1.0650 – Weekly Pivot
1.0623 – Intraday Support
1.0601 – Techncial Support
1.0588 – WS1
1.0557 – WS2
Trading recommendations:
As long as intraday support holds long side of the market should be in play with potential wave 5 blue to the upside progression.
If Key Level is broken, then 1.0600 is next support.
The material has been provided by InstaForex Company – www.instaforex.com
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