General overview for 19/12/2013 07:45 CET
The alternate count is in play now as the impulsive wave progression invalidated other scenarios.
Currently, there is missing wave iv black of the overall development and a possible formation of a triangle is being formed here. The zone of the grey rectangle should act as a support now and when corrective cycle is done breakout to the upside is expected. This count is valid as long as 1.0650 is not broken.
The target for wave v black is WR3 level at 1.0751.
Support/Resistance:
1.0751 - WR3
1.0721 - 161%Fibo Exto of wave i
1.0705 - Intraday Support
1.0703 - 1.0688 - Grey Support Zone
1.0668 - Technical Support
1.06433 - WR1
Trading recommendations:
As long as grey support zone holds, long side of the market should be in play with SL just below it and TP at 1.0751.