Due to the fact that the main count is almost invalidated let us take a look at alternate count on a higher time frame today.
H4 time frame shows a possibillity of three wave movement to the upside that seems to be a part of a larger pull back in the ABC wave progression.
Currently, the market might be developing the first wave to the downside of the larger cycle wave B (navy). The golden trendline has been broken, and now it is time for upside trendline test and another leg downwards should be in progress.
When this descending leg B (navy) is finished, more upside is anticipated.
Support/Resistance:
1.0426 – WR1
1.0404 – 1.0417 – SUPPLY ZONE
1.0361 – Weekly Pivot
1.0302 – WS1
1.0271 – 61%Fibo
1.0235 – WS2
1.0183 – WS3
Trading recommendations:
The short side of the market should be in play with entry around Weekly Pivot at 1.0361 with tigh SL and potential TP at 1.0302 and 1.0271.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 15/10/2013 09:15 CET
Due to the fact that the main count is almost invalidated let us take a look at alternate count on a higher time frame today.
H4 time frame shows a possibillity of three wave movement to the upside that seems to be a part of a larger pull back in the ABC wave progression.
Currently, the market might be developing the first wave to the downside of the larger cycle wave B (navy). The golden trendline has been broken, and now it is time for upside trendline test and another leg downwards should be in progress.
When this descending leg B (navy) is finished, more upside is anticipated.
Support/Resistance:
1.0426 – WR1
1.0404 – 1.0417 – SUPPLY ZONE
1.0361 – Weekly Pivot
1.0302 – WS1
1.0271 – 61%Fibo
1.0235 – WS2
1.0183 – WS3
Trading recommendations:
The short side of the market should be in play with entry around Weekly Pivot at 1.0361 with tigh SL and potential TP at 1.0302 and 1.0271.
The material has been provided by InstaForex Company – www.instaforex.com
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