General overview for 25/03/2015 10:15 CET
The main count of the impulsive wave development to the upside was invalidated yesterday as the price violated the low of the wave (i) green and now the alternative count is in play. In this count the corrective cycle is bigger and more complex, but it looks completed as well. That means, the impulsive count of the wave 1 green is valid as long as the invalidation line at the level of 1.2387 is violated. If this happens, the market structure would suggest a complex and time-consuming corrective pattern in wave 4 green in progress. Please note that the first confirmation of possible development of a new impulsive wave to the upside comes with the golden trendline's break at the level of 1.2539 and the bullish divergence between the price and the momentum oscillator that supports the view (black arrows on chart).
Support/Resistance:
1.2381 - WS1
1.2387 - Invalidation Level
1.2426 - Intraday Support
1.2539 - Intraday Resistance
1.2607 - Weekly Pivot
Trading recommendations:
Daytraders should consider openING buy orders in the daily range zone with SL below the level of 1.2387 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com
