General overview for 15/08/2014 09:10 CET
This Elliott Wave count is another variation for a possible shape of the corrective structure in red wave 4. The correction is now a complex one with a WXY brown labeling for a double three pattern. The last leg of this corrective cycle is an ending diagonal wave Y brown that is likely to finish soon and then the upside rebound is anticipated. The target level is the same one I have been paying attention to all week: intraday support at the level of 1.0876.
Support/Resistance:
1.1011 - WR1
1.0957 - Weekly Pivot
1.0951 - Intraday Resistance
1.0928 - WS1
1.0875 - Intraday Support |WS2 | Wave 4 Red Target Level |
Trading recommendations:
The long positions from yesterday should still be kept open: entry was from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010. This might be a good trade even for swing traders.
The material has been provided by InstaForex Company - www.instaforex.com
