General overview for 06/12/2013 10:15 CET
The downside wave progression has been invalidated and now it looks like price has completed abcde Triangle in wave alt:(4) purple and it will try to break higher and even test the top today.
The Demand Breakthrough Zone has been almost invalidated and thats the further evidence for more upside to come.
The alternate count on H1 time frame is a possible impulsive wave (5) purple progression to the upside. If it is correct, new high could be easy done with this wave development.
In case of a breakout the target for wave (5) is 140.78 - 141.01 zone as per old H4 chart.
Supprt/Resistance:
141.01 - 140.78 - Wave (5) target
140.00 - 4 years high
139.59 - 139.41 - Demand Breakthrough Zone
138.80 - Weekly pivot
Trading recommendations:
Go long from CMP with SL @ 139.38 and TP @ 140