General Overview for 02/12/2014:
The current wave progression from the level of 1130 might be labeled as the beginning of impulsive structure. The most important level now is 1255 as the former top of the wave (iv). Only breakout above this level in impulsive fashion will be seen as bullish.
Violation of the level of 1130 invalidates the impulsive count.
Support/Resistance:
1255 - Wave (iv) Top
1221 - WR3
1213 - WR2
1181 - WR1
1172 - Weekly Pivot
1142 - WS1
1133 - WS2
1130 - Wave (v) Low | Invalidation Line|
Trading Recommendations:
As long as the level of 1130 is not violated BUY orders should be opened.
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