General overview for 13/02/2015 07:30 CET
According to this Elliott wave count, the current wave progression is a triangle wave -iv- black and only one more wave to the upside has left to complete the corrective wave Y brown. The projected target is at the level of 137.64. When it is hit, the market should reverse and start now an impulsive wave downside. On the other hand, this view is invalidated if the level of intraday support at the level of 134.71 is violated before a new high is made.
137.64 – Technical Resistance| Wave 4 Projected Target|
137.27 – WR2
136.68 – Intraday Resistance
134.71 – Intraday Support
134.21 – Weekly Pivot
133.11 – WS1
Here are two scenarios for daytraders:
Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider buy orders only. Please set the SL rather tight (20-30 pips) and TP ant the level of 137.64.
Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.
The material has been provided by InstaForex Company – www.instaforex.com