General outlook for 11/05/2015 09:50 CET
There is still a missing wave (c) blue in the current wave development, but the alternate count is showing a possibility of sooner termination of the overall corrective structure and a potential bullish structure in progress. To follow this scenario, the market must break out above the key zone between the levels of 1.2189 – 1.2203 in an impulsive fashion. Otherwise, the corrective structure will be still uncompleted and more downside progression could develop soon.
1.1938 – Swing Low
1.1964 – WS1
1.2043 – Intraday Support
1.2073 – Weekly Pivot
1.2161 – Intraday Resistance
1.2189 – 1.2203 – Supply Zone
1.2206 – WR1
As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.
The material has been provided by InstaForex Company – www.instaforex.com