General overview for 24/12/2014 08:10 CET
The wave progression is still trying to develop the last stages of a complex corrective cycle in wave Y. Since the last week, the range zone between the levels of 1.1558 and 1.1664 has been well respected. The suggested pattern of a complex corrective cycle in the overall wave 4 purple looks like a double three correction with a triangle pattern as the last in the progression. The recent leg down labeled as the wave e green of wave 4 purple might be its last leg down. A long-awaited upside breakout might be just about to happen. Only a breakout below the level of 1.1500 would invalidate this scenario. Please notice that the mid- and longer-term bias are bullish, and new highs are expected.
1.1733 – WR2
1.1672 – WR1
1.1645 – Intraday Resistance
1.1610 – Weekly Pivot
1.1558 – Intraday Support
1.1546 – WS1
1.1500 – Technical Support
The corrective cycle in wave Y brown has not been completed yet as there is one more wave missing to the downside. The Traders should consider opening only buy orders from the current price levels with SL below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
The material has been provided by InstaForex Company – www.instaforex.com