General overview for 09/07/2015 08:05 CET
The last wave of the overall corrective wave development to the downside was made in the shape of an ending diagonal triangle. It was labeled as wave Z black of wave A blue. If this count is correct, upward wave progression should start to complete the wave B blue of a higher degree. The first hurdle is the intraday resistance at the level of 135.42, the next one is wave b purple top at 136.05. Only if the market moves above this level, a low for the wave A blue will be confirmed. Any violation of intraday support at 134.57 will suggest the lows might be tested/broken again.
Support/Resistance:
133.26 - Swing Low
134.57 - Intraday Support
134.97 - Weekly Pivot
135.42 - Intraday Resistance
136.05 - Wave b Purple Top
136.25 - WR1
Trading recommendations:
Daytraders and swingtraders should consider opening buy orders only if the level of 135.43 is violated, with SL below the level of 134.57 and TP at the level of 136.05.