General overview for 24/11/2014 18:00 CET
The Weekly chart of the Elliott Wave development indicates unfinished impulsive wave progression to the upside inside of wave (C) black.
Internal sub-divisions of wave 3 green has been posted on H4 time frame chart, where traders can see two possible counts: main and alternate one. The main count indicates more upside wave progression that will be quite bullish and extended but first the corrective cycle in wave (iv) green must be completed. Alternate count indicates a Leading Diagonal wave 1 blue, and then wave 2 and 3 blue with currently anticipated corrective internal cycle in the shape of a triangle. For both of this count the key level is the triangle support at the level of 16678.
Support/Resistance:
17978 - WR2
17747 - WR1
17307 - Weekly Pivot
17076 - WS1
16678 - Key Level
16637 - WS2
Trading recommendations:
One more wave to the downside is expected to complete the corrective cycle in wave (iv) green so short orders should be in play, however please notice that it is still possible that the corrective cycle has been completed already and now the index is developing another upward leg. ANY IMPULSIVE WAVE ON LOWER TIME FRAMES INVALIDATES THIS COUNT!
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