General Overview on 16/07/2013 on 21:00 CET:
The rule of fractalization will become helpfull here if one consider that wave ABC
is Expanded Flat wave A and now price is making ZigZag wave B
and then another wave C to the downside is expected to complete bigger
fractal ABC in wave 4. Capito?
Price is moving in blue channel.
Wave W and X of ZigZag area done, and now final stages of wave Y are in progress: last wave 5 to the upside before cycle is completed. Targets on chart, but W=Y target is on 1692 points.
Orange rectangle is the first possible target for the whole cycle.
Wave 1 and 2 are done and now price is in the final stages of wave 3. Then corrective pullback is expected in wave 4.
1708 – WR2
1694 – WR1
1686 – Wave 3 Top
1660 – Weekly Pivot
1655 – Wave X top | Intraday Support
1646 – WS1
1612 – WS2
1598 – WS3
Buy Weekly Pivot OR 1655 Intraday Support level in anticipation of impulsive wave 5 to the upside breaking fresh, new ground. Targets above.