General overview for 05/09/2013 10:00 CET
The amount of alternate counts is getting slightly out of hand as the price action is unable to make amy crucial move just yet.
In higher time frames, out of two possible counts, the upside breakout out of the triangle seems more probable, as the latest move in H1 timeframe is impulsive. This is why a breakout of the 132.41 high would put the blue alternate count in play, invalidating "a late triangle" count blue count. It will then start wave 3 green to the upside, and the wave that breaks the green trendline will be wave 3 black of this wave 3 green (so it will be powerfull move to the upside).
On the other hand, inability to break through the 131.75 - 131.87 zone and make a new highthen, would suggest more complex wave E blue to develop to the downside.
The key levels are still the same, both for bulls and bears.
Support/Resistance:
129.26 - 129.40 - DEMAND ZONE
130.37 - Weekly Pivot
130.56 - Technical Support
130.79 - Intraday Support
131.22 - 61%Fibo
131.45 - WR1
131.74 - 131.88 - Demand Breakthrough Area
132.41 - Swing High
Trading recommendations:
Please watch the key levels to trade accordingly.
Intraday scalps are preffered.