H4 time frame:
The recent swing high at 1.6600 is currently the top for wave 5 of wave C of the overall ABCDE triangle wave Bcycle. So, with this in mind the setups we will be looking for are bearish setups in order to sell the corrective rallys as long as the top on 1.6600 is not broken.
H1 Time frame (intraday):
This is the count for a corrective cycle in wave II black. This correction looks unfinished to the upside but it is quite hard to tell right now what the shape of the corrective wave will be. Nevertheless, th level we will be looking for to enter SHORT POSITIONS is 1.6474 OR 1.6500. It willbe a good level for a short swing trade.
Support/Resistance:
1.6600 - Swing High and possible big degree cycle top.
1.6517 - WR1
1.6500 - Target for wave II
1.6474 - Target for wave II
1.6456 - Weekly Pivot
1.6438 - Intraday Resistance
1.6366 - Intraday Support
1.6310 - WS1
Trading Recommendations:
Swing trader please waite for better prices to enter SING SHORT POSITION.
Intraday scalpers - play the breakouts.
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