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.