General Overview for 23/04/2014:
The price has hit the upper corrective trend boundary and now, if the count is right, the market should reverse and continue the downtrend with a target at the level of 13160 min. However, there is another way to label the current wave progression and make the triangle pattern wave b top a little lower, at the level of 14645 (current wave X). This would mean, that the target level for wave Y is even lower.
14645 – Wave X top
13885 – Technical Support
13160 – Target Level
Short orders should be opened from current price levels with SL above the level of 14645 and TP at the level of 13160. Good place for a swing/position trade.
IF YOU NEED MORE DETAILED ELLIOTT WAVE COUNTS,
THEN JOIN MY VIP SERVICE!