Finally impulsive breakout above SUPPLY ZONE has happened in impulsive fashion and the price has hit 161%Fibo Extension as a target for wave iii.
Now corrective cycle wave iv is developing and more upside wave progression is anticipated. The target for wave v is 1.0386. The target for wave (iii) green is 1.0405.
The first level to provide the support is the previous SUPPLY ZONE at 1.0349 – 1.0354, however only a breakout to the downside below 1.0328 would invalidate the count.
In case this level is hit, the conclusion would be that more complex corrective cycle is still developing.
General overview for 09/10/2013 06:30 CET
Finally impulsive breakout above SUPPLY ZONE has happened in impulsive fashion and the price has hit 161%Fibo Extension as a target for wave iii.
Now corrective cycle wave iv is developing and more upside wave progression is anticipated. The target for wave v is 1.0386. The target for wave (iii) green is 1.0405.
The first level to provide the support is the previous SUPPLY ZONE at 1.0349 – 1.0354, however only a breakout to the downside below 1.0328 would invalidate the count.
In case this level is hit, the conclusion would be that more complex corrective cycle is still developing.
Support/Resistance:
1.0405 – Wave (iii) green target
1.0386 – Wave v target | WR2 |
1.0372 – Intermediate high
1.0349 – 1.0354 – Technical Support
1.0338 – Techncial Support
1.0328 – Bullish wave progression invalidation line.
Trading recommendation:
Bias is to the upside and buy-the-dip mode should be played here, so long entry at 1.0355 with SL below 1.0328 and TP at 1.0405 is recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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