General overview for 28/05/2015:
The impulsive wave progression to the downside hasn’t been completed yet as there are some wave still missing. The current corrective structure in wave 2 black looks uncompleted as well, because only wave a purple to the upside had been made so far. The market might make another wave down, labeled as wave b purple and the rally up to complete the irregular flat corrective cycle. The max. retracement for the corrective wave is at the level of 1.1061 – 1.10 77, that confluences with the 61% Fibo zone as well. On the other hand, in case of a sudden move to the downside below the level of 1.0818 the alternate count is in play.
Support/Resistance:
1.1091 – Weekly Pivot
1.1061 – 1.1077 – Resistance Zone|Confluence Level| Key Level|
1.0818 – Local Low
1.0735 – WS1
Trading recommendations:
Swingtraders should keep the sell trades open and add to sell positions if the market hit the grey rectangle resistance level.
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