General overview for 25/02/2016:
As anticipated yesterday, the market did make one marginal high in order to complete wave (c) purple and then reversed lower. Moreover, it is worth to mention, that the X brown wave may be still developing as well, and the pattern that it forms may evolve to (a)(b)(c)(d)(e) triangle. In case of a breakout below the level of 1.3637, an alternative count will be in play. In a longer time frame, the corrective cycle from a top of 1.4687 is still in progress, but it has evolved a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.
Support/Resistance:
1.3637 - Intraday Support
1.3656 - WS1
1.3739 - Intraday Resistance
1.3784 - Weekly Pivot
1.3916 - WR1
1.4041 - WR2
Trading recommendations:
It is recommended to buy on dips as an uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at 1.3637 has not been broken yet. Bulls are still in control in the market, but a bullish reversal has not been confirmed yet.
