General overview for 14/01/2015 07:05 CET
Despite the striking price/momentum divergence, the market is still making lower lows. So, the Elliott wave count has been adjusted to the new data. On larger time frame, the outlook hasn't changed yet and the preferred count is still the same: the complex corrective structure labeled as WXY brown, that consist of an irregular flat cycle, double three cycle and, at last, zig-zag cycle. The projected level now for the corrective cycle to be completed is at the level of 137.48. Invalidation of the larger scale impulsive cycle comes with the level of 134.12 violation (wave 1 red and wave 2 red overlaps). As long as this level is not violated, the bias remains bullish.
Support/Resistance:
137.17 - WS2
137.49 - 78%Fibo
137.36 - WS1
138.88 - Intraday Resistance
139.45 - Intraday Resistance
140.09 - Purple Impulsive Count Invalidation Level
Trading recommendations:
Daytraders and swingtraders should consider opening the buy limit orders at the level of 137.50, with SL below the level of 135.91 and TP at the level of 144.11 (longer term TP, more suitable for swingtraders).
The material has been provided by InstaForex Company - www.instaforex.com
