General Overview for 28/11/2013:
The last labeling with an immediate downside impulsive wave development on H1 chart has been invalidated and price has made new high. This made me to re-visit the charts to find another, better labeling.
The Cable is still in Triangle formation and according to my labeling it is in final stages of lalst wave C of ABC progression in wave E of a Triangle, SO – a trend reversal is expected very soon.
The targets are on Daily Chart and they make 55pips confluence level:
– One – to – One equal length wave 1 projection ends @ 1.6470.
– 38%Fibo Ext @ 1.6415
From H4 fibo projections I got two zones:
– Zone #1 – 1.6363 – 1.6386
– Zone #2 – 1.6417 – 1.6425
A possible reversal is expected for one of this zones:
1.6369 – WR2
1.6324 – WR1
1.6257 – Intraday Support
1.6239 – Technical Support
1.6190 – Weekly Pivot
Prepare to enter SHORT SWING positions from zones indicated on charts.