General overview for 18/02/2015
This is first attempt to count the Elliott wave progression after SNP peg removal.
The larger time frame cycles suggest more decline towards the all time low at the level of 0.7072 and below, due to unfinished impulsive wave progression to the downside. The overall count is missing wave 5.
The lower time frames suggest a little more of the upside rally into the target zone of 0.9520 – 0.9613 and a possible reversal from there. Please notice the alternate count suggest more complex and time consuming corrective wave inside of the wave 2 black.
0.9613 – 0.9520 – Projected Target Zone for Wave 2
0.9526 – WR3
0.9431 – WR2
0.9382 – WR1
0.9288 – Weekly Pivot
Sell orders should be open only if price will hit the projected target area with very limited SL.