General overview 15/01/2015 09:00 CET
The market had bounce exactly from the anticipated level of 137.00 and currently has hit the first intraday resistance at the level of 138.89. However, the Elliott wave count looks uncompleted with one more wave to the downside needed to finish the cycle. Only an impulsive breakout above the level of 140.05 would invalidate the main count. In that case, the low for wave 5 purple would be at the level of 136.99 and the whole corrective cycle might have been considered completed.
136.99 – Intraday Support
137.12 – WS2
138.36 – WS1
138.89 – Intraday Resistance
140.04 – Purple Impulsive Count Invalidation Line
141.31 – Weekly Pivot
Daytraders should consider opening buy stop orders from the level of 138.91 with SL below the level of 136.99 and TP at the level of 140.04.
The material has been provided by InstaForex Company – www.instaforex.com