General overview for 07/09/2015 09:50 CET
The Elliott wave count has been updated and currently the top for the wave B black had been established at the level of 138.91 as anticipated earlier. The downward wave progression turned out to be more impulsive in nature and unfolded so far in almost five waves. The main count indicates a possibility of one more low to be reached in order to complete the immediate wave (v) green. An alternative count indicates that the downward impulsive wave progression might be completed in five black waves and now the market is in its corrective cycle. Any violation of the level of 134.68 invalidates the alternative count.
132.22 – Local Low
133.50 – Weekly Pivot
133.70 – Intraday Resistance
134.68 – Green Impulsive Count Invalidation Level
134.80 – WR1
Daytraders consider opening sell orders from the level of 133.69 with SL just above this level (10-15 pips) and TP at the level of 132.22 with a possible downwards extension.
The material has been provided by InstaForex Company – www.instaforex.com