General overview for 07/10/02015 10:00 CET
The largest time frame Elliott wave count still suggests that one more wave to the upside might be formed when the wave 4 purple corrective cycle is completed. The H4 time frame count indicates a large abc green irregular triangle pattern as wave 4 purple correction with potential reversal zone between the levels of 1.2914 and 1.2870. Please notice that there is a golden trend-line support in this zone and 38%Fibo retracement at the level of 1.2866.
Support/Resistnace:
1.2861 - 1.2946 - Previous Wave 4 Area
1.2914 - 1.2870 - Potential Reversal Zone
1.3054 - 2009 High
1.2866- 38%Fibo
Trading recommendations:
Swingtraders should start to accumulate the positions from the zone between the levels of 1.2861 and 1.2946 with SL just below the level of 1.2850 in the long term TP open for now.