General overview for 10/11/2014 10:40 CET
The impulsive wave progression of the internal sub-cycle has been invalidated due to wave -ii- overlapping wave -i- and the overall count has been updated. Currently, it looks like the top for blue wave 5 might be in place but the confirmation comes when the market will violate the level of 1.1220. Otherwise, another leg higher can not be ruled out just yet on intraday timeframe. Moreover, please notice that any breakout below the level of 1.1120 will Chablis the long term high at the level of 1.1464 and a meaningful corrective cycle can start developing to the downside.
1.1464 – Swing High| Wave 5 Blue Top?|
1.1426 – WR1
1.1369 – Intraday Resistance
1.1344 – Weekly Pivot
1.1310 – Intraday Support
1.1263 – Technical Support| Previous Wave Four Support|
1.1222 – WS1
Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.
The material has been provided by InstaForex Company – www.instaforex.com