General overview for 06/06/2014 09:30 CET
The current wave development has two possible wave progressions indicated on the chart and the difference between them is in placement of wave (c) blue bottom. The first possibility places the bottom at the level of 139.35 and the whole correction would be running flat shape. The second possibility places the bottom at the level of 138.63 and the whole correction would be a regular flat shape. Please notice that any breakout higher means the bottom for wave B black is in place and the main count is invalidated.
Support/Resistance:
140.11 - WR2
139.86 - 139.97 - Technical Resistance ZOne
139.70 - Intraday Resistance
139.50 - WR1
139.35 - Wave (c) Target
138.73 - Weekly Pivot
138.62 - Intraday Support
Trading recommendations:
Because the Elliott Wave labeling has two possible counts on the chart, it is advised to wait for a clear breakout either above the level of 140.00 to go long, or below the level of 139.35 to go long as well (with a very tight stop loss in case the market would try to make more deeper correction).
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for June 6, 2014 . Thanks for your support on Technical analysis of EUR/JPY for June 6, 2014
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