General Overview for 07/12/2013
Implusive wave progression stalled ahead of 1.8200 level as the main count shows a possible five wave development to be ready. The first alternate count is in favour of a Triangle formation wave alt:4 and one more wave to the upside before any substantial reversal is made. Second alternate count shows a possibility of wave alt:3 to be the current 1.8188 top here instead of wave 5. That means the current corrective cycle is likley to be finished somewhere at Triangle support zone of a little bit lower whre the wave four of a lesser degree is. From this levels a rebound is anticipated and new high might be on the wave. This impulsive upside scenarios are being supported by NLR model, that does not shows a strong down pointing channel slope, however the bearish divergence on H4 and Daily charts can not longer be ignored.
Support/Resistance:
1.8188 - Swing High
1.7896 - 1.7939 - Triangle Support Zone
1.7824 - Previous wave four suport level
1.7560 - Wave Four Suport of Lower Degree
1.7418 - Technical Support
Trading Recommendations:
As long as mentioned support levels hold buying the dips in anticipation of wave 5 to the upside should be in play. Breakout below 1.7418 is bearish.
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