General overview for 04/09/2014:
There are two possible counts on Daily time frame that I’m following currently:
First count follows impulsive wave progression to the upside as the wave 2 in blue circle has been completed. The most important thing in this count is wave 1 itself as it looks to be in three waves only. This is why there is another alternate count, which tracks the progression of an ABC Irregular Flat corrective wave B only, and it looks like it is almost completed. That means the market can make one more wave to the downside, wave C, and this view is supported IF THE LEVEL OF 103.54 IS BROKEN! Otherwise we might have one more minor wave to the upside that targets the orange rectangle.
105.30 – Swing High
105.24 – WR3
104.75 – WR2
104.53 – WR1
104.03 – Weekly Pivot
The uptrend looks mature for now and some corrective cycle should be expected. As long as the elvel of 103.54 is not violated, buying the dips is advised.