General overview 26/12/2014 10:30 CET
There are two possible scenarios for the current wave progression. The main scenario indicates a completed corrective structure in wave 2 red and a possible start of the impulsive wave development to the upside. The alternative scenario suggests a more complex structure in wave 2 red that is still developing to the downside and the recent wave progression is a wave alt:XX brown of the overall corrective structure. That means, there is one more wave to the downside missing to complete this structure, and then an impulsive rally up is anticipated. The key level for both scenarios is at the level of 148.23 as any breakout higher favors main scenario, and any failure there favors the alternative scenario .
149.77 – Swing High
149.63 – WR2
148.23 – Bullish Zone Level
147.74 – WR1
147.11 – Intraday Resistance
146.34 – Weekly Pivot
145.70 – Technical Support
144.98 – Intraday Support
As long as the golden trend line is not broken, the bias is bullish, and traders should consider opening buy orders only. The SL orders still should be placed below the 146.34 level, and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low, and the market moves might get very sharp and sudden in either direction.
The material has been provided by InstaForex Company – www.instaforex.com