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General overview for 10/09/2013 08:00 CET
Due to wave 1 and wave 2 overlapse the previous count has been invalidated and now the alternate count is in play.
In this count the price has been developing the wave 4 black Triangle pattern labeled as ABCDE blue in 4H chart and it looks like it has been finished at the low of 128.00.
Next price progression looks like an impulsive sequence of 1-2,1-2, (i)- that has been capped by the upper green triangle line and only this line breakout is the final confirmation of the bullish development. The beige rectangle high of 132.41, in H1 chart, should be broken to confirm more bullish progression.
Support/Resistance:
133.55 - WR2
132.61 - WR1
132.41 - Swing High
132.13 - Wave b high
131.84 - Intraday Support
131.19 - Weekly Pivot
130.96 - Intraday Support
Trading recommendations:
Bias is to the upside as the Triangle breakout scenario is in play now: buy at dips with SL below 131.84. Potential targets for intraday scalpers are 132.61 and 133.55.
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