General overview for 31/10/2013 09:00 CET
Although it looks like wave 5 of wave A green has been done and the target level I had mentioned yesterday has been hit, there is still a possibility of an Ending Diagonal wave 5 navy.
This scenario for wave A green termiantion is in play as long as the low of wave alt:(ii) is not taken out: 1.0440.
If this low is broken to the downside, the alternate count is invalidated and the market is giving traders the first clue that top for wave A green might be in place.
The Key Level here is at 1.0428 Technical Support. Only if this level is taken out the downside is more probable than upside.
Support/Resistance:
1.0496 - Swing High
1.0470 - Intraday Resistance
1.0455 - Golden Channel Trend Line Support
1.0440 - Key Level
1.0428 - Techncial Support
1.0405 - Weekly Pivot
Trading recommendations:
Short positions should be in play from current levels with SL above 1.0497 and TP1 at 1.0440 and TP2 at 1.0427