General overview for 29/09/2015 08:30 CET
The wave b purple correction went all the way up to the intraday resistance at the level of 1.3416, but there is still uncompleted downside cycle for wave ii blue. Nevertheless, a daily close above 1.3416 will invalidate the main count. An alternative labeling would include an ending diagonal pattern due to many overlapped waves inside this potential structure. The growing bearish divergence in the higher time frames supports this view.
1.3451 – WR1
1.3415 – Intraday Resistnace
1.3312 – Weekly Pivot
1.3289 – Intraday Support
1.3232 – Intraday Support
1.3208 – WS1
Daytraders should refrain from trading and wait for more clear pattern to occur.
The material has been provided by InstaForex Company – www.instaforex.com