General overview for 22/04/2015:
The corrective cycle in wave 4 purple has not been completed yet as there is one small sub-wave to the downside needed to finish the cycle. The first projected target level is at the level of 11500 with a possible minor decline into the level of 11401. The bounce/reversal is expected from this zone anyway. Please notice that any violation of the level 12214 will invalidate the impulsive wave (c) blue scenario and might be first sign of either bullish break out or triangle formation in wave 4 purple.
Support/Resistance:
12143 – Swing High
12214 – Invalidation Level
12097 – WR1
11880 – Weekly Pivot
11500 – 11401 – Projected Target Zone
11343 – WS1
Trading recommendations:
Sell orders should be in play from the latest swing high but this move down might be terminated anytime now, so caution is advised. Please notice the overall corrective structure might evolve into more complex and time consuming triangle formation as well.
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