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General overview for 27/12/2013 16:00 CET
The anticipated last impulsive wave to the upside has been almost done now and when the corrective cycle in wave (iv) is finished, then another high will be made in impulisve fashion. The target currently fot the wave (v) is the level of 145.77. This count is valid as long as 143.53 is not violated. However, if this level is broken to the downside, then the market might try to cover the gap. If gap is covered, then this will be the first clue that bigger cycle top is in place.
Support/Resistance:
145.68 - 4 year's high
145.08 - WR3
144.70 - Intraday Support
143.98 - WR2
143.53 - Bullish Count Invalidation Line
143.20 - WR1
142.88 - Technical Support
Trading recommendations:
For intraday scalpers: there is one last wave missing to the upside, so buying the dips is advised as long as the level of 144.70 is not broken. SL should be just below this level and TP is at the level of 145.37.
Swing traders should consider exiting long posions if the level of 144.70 is broken.
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