General overview for 28/05/2014 16:30 CET
The top for wave 2 black looks to be in place and now the market is trying to develop impulsive wave to the downside . Please notice that the correction in this cycle might get more complex and time consuming if the market will not fall below the level of 130.14. In that case there is still a chance of one more impulsive leg to the upside before the correction is completed.
Support/Resistance:
138.14 - Wave b purple Low
138.31 - WS1
138.81 - Weekly Pivot
138.49 - WR1
Trading recommendations:
Yesterday's long positions should be closed if the level of 138.14 is broken and traders should wait for an opportunity of opening the short positions on any upside rally's.