General overview for 10/12/2014 06:50 CET
The black impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a possibility of a leading diagonal in wave 1 black as long as the level of 1.1339 is not violated. The most important level for further impulsive wave progression is the intraday resistance at the level of 1.1460 and only a clear breakout higher above this level puts bulls back to control. Otherwise, the market might fall even deeper and the alternative count, labeled as alt: (a), (b) blue so far will be in play then.
Support/Resistance:
1.1579 - WR2
1.1519 - WR1
1.1500 - Intraday Resistance
1.1460 - Intraday Resistance|Key Level|
1.1416 - Weekly Pivot
1.1396 - Intraday Support
1.1357 - WS1
1.1339 - Leading Diagonal Invalidation Level
Trading recommendations:
The SL from yesterday's buy trades has been hit and currently there is no active open orders. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.
The material has been provided by InstaForex Company - www.instaforex.com
