General overview for 11/03/2015 08:30 CET
The current Elliott wave to follow is the alternate count 2 presented a couple of days ago. In this count we can track an impulsive wave development from wave 4 blue high at the level of 135.88. The wave five decline looks like it is completed and it has been labeled as wave 1 or wave A with the bottom at the level of 129.22. Please notice that this low might be only the first wave of the overall impulsive decline in wave 5 blue. More downside decline is still possibleas long as the level of 130.71 is not broken.
Support/Resistance:
129.10 - WS1
129.22 - Intraday Support
130.71 - Intraday Resistance
131.85 - Weekly Pivot
Trading recommendations:
Buy orders should be open only if the level of 130.71 is clearly violated with a minimum hourly candle close above this level. Moreover, the price action might get choppy and full of whipsaws.
The material has been provided by InstaForex Company - www.instaforex.com
