Supply Breakthrough Zone has been violated and the price had found support at Technical Support level of 1.06010.
The count still does not look much impulsive in any direction and I do not rule out the upside impulsive wave progression to finish wave (5) purple here, BUT I have managed to incorporate the alternate count. This one shows a possible top at the 1.0710 level, where previously wave 3 blue top was. This kind of labeling would require some impulsive wave development to the downside and the only one that fits here is Leading Diagonal one. To confirm this, the price must break below Invalidation Line at 1.05814.
Nevertheless, the price is capped now by intraday Supply zone of 1.0623-1.0632 and red trend line. Only breakout above would give some clues if impulsive wave development scenario fit here.
Support/Resistance:
1.0744 – WR2
1.0710 – Swing High
1.0689 – WR1
1.0667 – Intraday Resistance
1.0650 – Weekly Pivot
1.0623 – 1.0632 – Intraday Supply Zone
1.0601 – Techncial Support
1.0595 – WS1
1.0581 – Invalidation Line
1.0556 – WS2
Trading recommendations:
If the red trend line is broken AND if intraday Supply zone is broken as well, THEN long positions should be in play with entry as close as possible to 1.0623 and SL below 1.06000. TP would be at 1.7010 and TP2 at 1.0733.
If intraday Supply zone is not broken, sell in this area with SL above 1.0650 and TP at 1.05556.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 11/12/2013 07:50 CET
Supply Breakthrough Zone has been violated and the price had found support at Technical Support level of 1.06010.
The count still does not look much impulsive in any direction and I do not rule out the upside impulsive wave progression to finish wave (5) purple here, BUT I have managed to incorporate the alternate count. This one shows a possible top at the 1.0710 level, where previously wave 3 blue top was. This kind of labeling would require some impulsive wave development to the downside and the only one that fits here is Leading Diagonal one. To confirm this, the price must break below Invalidation Line at 1.05814.
Nevertheless, the price is capped now by intraday Supply zone of 1.0623-1.0632 and red trend line. Only breakout above would give some clues if impulsive wave development scenario fit here.
Support/Resistance:
1.0744 – WR2
1.0710 – Swing High
1.0689 – WR1
1.0667 – Intraday Resistance
1.0650 – Weekly Pivot
1.0623 – 1.0632 – Intraday Supply Zone
1.0601 – Techncial Support
1.0595 – WS1
1.0581 – Invalidation Line
1.0556 – WS2
Trading recommendations:
If the red trend line is broken AND if intraday Supply zone is broken as well, THEN long positions should be in play with entry as close as possible to 1.0623 and SL below 1.06000. TP would be at 1.7010 and TP2 at 1.0733.
If intraday Supply zone is not broken, sell in this area with SL above 1.0650 and TP at 1.05556.
The material has been provided by InstaForex Company – www.instaforex.com
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