General Overview for 08/12/2013
The whole count has been re-visited and re-labeled for the most appropriate structure.
On Weekly chart the most important and problematic structure is Expanding Leading Diagonal in Wave (1) and then the very complex and time consuming wave (2) correction that ended up with a possible truncation of wave 5 of wave C. This is rather very bullish sign here, but the alternate count still indicates a possible wave XX as a part of unfinished wave B complex corrective structure.
Lower time frames seem to confirm the vullish outlook, however the main golden trend line has not been broken yet and first test from the downside has been rejected so far. On intraday H1 time frame price has broken above previous wave four area and closed the old GAP during news relase as well so both are bullish clues here. Key level is 0.8233 level as a very important support for bulls.
0.8405 – Swing High
0.8282 – 61% Fibo | Intraday golden trend line resistance |
0.8258 – 0.8264 – Previous wave four zone
0.8233 – Key Level
0.8137 – 0.8155 – DEMAND ZONE | old GAP zone |
Bias is to the upside to complete the impulsive wave progression. Buy the dips into 0.8233 zone.
Pattern in progress: Wave (iii) of wave 1
Pattern in question: – If level 0.8137 is broken
Pattern Invalidation: -If level 0.808 is broken
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