General overview for 02/06/2015 14:45 CET
The previous count has been invalidated due to wave one and wave two overlap which is against the Elliott wave rules. The current count incorporates the latest developing and points out a possible pivot point for this market after wave five extension. In higher time frames, the current count is an ABC irregular flat correction in wave B. So, this move higher might be a final push to the upside. The projected target is the zone between the levels of 138.55 (WR1) and 138.71 (261%Fibo). Bearish divergence supports the view.
138.71 – 261%Fibo
138.55 – WR2
137.95 – WR1
137.91 – Intraday Resistance
136.95 – Intraday Support
136.59 – Intraday Support
Buying on dips is the way to trade on this market with tight SL (20-30 pips) and TP at the levels of 138.55 – 138.72.
The material has been provided by InstaForex Company – www.instaforex.com