General overview for 11/08/2015 06:30 CET
The alternative count that included wave alt:XX reversal from a potential reversal zone has now been invalidated and the bottom for wave (b) blue had been established at the level of 134.98. The current upmove is a clear three wave structure so far, labeled as abc purple. The alternative scenario suggests a more impulsive wave development to the upside with the invalidation line at the level of 136.37. The bias is still slightly bullish as there is an uncompleted wave structure to the upside.
137.74 – WR2
137.46 – Intraday Resistance
137.02 – WR1
136.78 – Intraday Support
136.37 – Alternative Bullish Count Invalidation Level
As long as the level of 136.78 is providing the support, daytraders should look for buying opportunities in this market with SL below the level of 136.35 and TP at the level of 137.46 and 137.74.
The material has been provided by InstaForex Company – www.instaforex.com