General outlook for 20/11/2014 10:00 CET
The corrective cycle has never appeared, so the count has been adjusted to incorporate new wave developments. The most difficult part of the new count has been labeled as Leading Diagonal wave -i- and this maneuver could include the new impulsive count into the wave progression. Moreover, one more impulsive cycle has been added to the overall count (purple count). Please notice all the corrective waves labeled as wave four of a various degree are very short in price and time. That is why the overall wave development might indicate the wave 3 black of a very large cycle is unfolding. Nevertheless, there is always a possibility that the whole impulsive wave progression as indicated by the alternative black labeling is really wave alt:5 of the very large impulsive structure forming the level of 94.22 that started in July 2012.
Currently one more wave is needed to complete the overall structure labeled as green impulsive wave progression with the projected target levels labeled as orange rectangles on H4 time frame chart.
151.50 – 152.60 – Projected Target Level For Wave (v) Green (Typical)
149.37 – 149.57 – Projected Target Level For Wave (v) Green (Minimum)
152.02 – WR3
149.14 – Local High
149.05 – WR2
148.34 – Intraday Support
148.01 – WR1
147.46 – Intraday Support
146.53 – Technical Support
145.02 – Weekly Pivot
The first level for day traders to join the up trend is the level of 148.01. Nevertheless, if this level is broken, then the next one should be at the level of 147.42. Please set the SL rather tight, like 20-30 pips for intraday trading and the TP level should be placed at the level of 148.37 – 149.57 zone.
The material has been provided by InstaForex Company – www.instaforex.com