General overview for 26/08/2015 08:20 CET
After another high was reached, the count has been slightly changed to incorporate a new alternative labeling. Currently, the upward wave development looks like an uncompleted Ending Diagonal pattern in wave v blue, where two last sub-waves are missing. The alternative count is still indicated however more complex and time-consuming wave iv purple correction labeled as wave WXY brown. Please notice that the target projection for wave v blue might reach the weekly pivot resistance at the level of 1.3434.
1.3434 – WR3
1.3352 – Intraday Resistance
1.3312 – WR2
1.3296 – Intraday Support
1.3264 – WR1
1.3144 – Weekly Pivot
Swing traders should consider closing long-term buy orders or move the trailing stop loss orders up to the level of 1.3211.
Daytraders should refrain from trading due to lack of a clear trading pattern.
The material has been provided by InstaForex Company – www.instaforex.com