Wave Summary:
Red wave ii has taken more time to go up than we first expected, but a break below the minor support line near 113.65 and a break below support at 113.31 confirm that red wave iii is developing for a decline towards 109.40 before a shallow flat correction expected in red wave iv.
The next major downside target we are looking for is seen at 108.00 as the ideal target for wave iii.
Trading recommendation:
Sell a break below 113.65 with stop placed at 114.80 and take profit at 108.25.
The material has been provided by InstaForex Company - www.instaforex.com