General overview for 05/05/2014 11:40 CET
The correction went a little bit higher than expected but it did not break above the last swing high. From the recent immediate high of wave (ii) I can label a five wave decline in wave 1 red. Currently, the market is in corrective cycle that might be finished, but it looks like the correction will be a little bit longer in price and time. The potential target levels are two orange rectangles and a failure is expected there to start an impulsive continuation to the downside. The key level to break is supply breakthrough zone.
Support/Resistance:
142.50 - WR1
142.47 - Swing High
142.13 - Technical Resistance
141.94 - Target Level #2
141.79 - Target Level #1
141.74 - Weekly Pivot
141.63 - Intraday Resistance
141.26 - Intraday Support
141.12 - Swing Low
140.96 - 141.06 - Supply Breakthrough Zone
Trading recommendations:
Sell stop levels should be open from the level of 141.79 and 141.94 ONLY if the level of 141.2 will not be broken first. SL for sell stop orders is above the level of 141.50 and TP is below the level of 140.96 with possible downside extension.
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