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General overview for 04/09/2014 09:50 CET
Lower time frames wave development shows that a sooner than expected blue wave -iii- is possible and the count does not breach any Elliott wave rules. This is why the current chart is very bullish but the higher time frames charts that I had been posting (h4 time frame) are still valid as well. The next market move might be very important and will give traders further clues where it might go. The main intraday support is at the level of 1.0869 and it is a key level for bulls, because any breakout lower would mean that the golden channel is broken. The price is below the weekly pivot and the market is possibly going to test the demand zone between the levels of 1.0809 - 1.0839. However, if the price will stay in the channel and will try to break the intraday resistance at the level of 1.0945, then the present h1 labeling is the most appropriate I can do. Trading recommendations:
Sell orders advised yesterday should still be in play with SL at the level of 1.0940 and TP at the level of 1.0745. However, please notice that the lower time frames are not supporting the current wave progression and any breakout above 1.0940 is bullish and buy orders should be opened instead.