General Overview for 16/12/2013:
There is a possibility that the correction has been a some form of complex Irregula Flat correction and as long as 1.3830 high is not taken out, the bias is bearish. Nevertheless, any price above the mentioned level invalidates the impulsive bearish count and higher prices are expected. The KEY LEVEL here would be the small grey rectangle zone between 1.3761 – 1.3769 and the nearby golden trend line.
On the other hand, to confirm the top, price must break below 38%Fibo first as a weak confirmation level. Intraday the most important zone to observe would be a zone between 61%Fibo and previous wave A high @ 1.3618. If broken, this is first top confirmation.
Support/Resistance:
1.3830 – Swing High
1.3761 – 1.3769 – Key Level
1.3694 – Techncal Support | Weak Confirmation Level
1.3637 – 61%Fibo
1.3618 – Previous wave A high
Trading Recommendations:
If You are short already – SL above 1.3831 and wait. More shorts to add only if 1.3618 is broken and price will make H1 close below.
Any price above 1.3831 is bullish.
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