General overview for 23/10/2013 09:15 CET
So far the anticipated upside movement is slowly in progress, two waves to the upside are missing .
The overall shape of this pattern wolud be abc green Irregular Flat and then some downside movemend is expected to finish the bigger cycle wave C green.
The alternate count is a little different: it indicates the possibility that wave B navy of a higher cycle has been finished in place of wave A green and now the price is developing wave C navy to the upside. In this scenario the more retrace current wave to the upside, the better for alternate count.
Possible target for wave c green is Fibo Cluster area of 1.0361 - 1.0364
Support/Resistance:
1.0269 - Intraday Low
1.0308 - Intraday Support
1.0312 - Weekly Pivot
1.0319 - Wave (iv) low/support
1.0330 - Technical Resistance
1.0343 - Fibo Cluster | Intraday Resistance |
1.0348 - WR1
1.0361 - 1.0364 - Target Zone for wave c green
Trading recommendations:
In anticipation if wave (v) of c to the upside long positions should be in play with entry at 1.0319 and SL at 1.0307 with potential TP1 at 1.0343 and TP2 at 1.0361.