General overview for 04/08/2015:
The wave 2 purple top had been established at the 61%Fibo at the level of 4.2318. Since then the market is continuing the decline towards wave 1 purple low at the level of 3.9647 and a breakout below this long term low is anticipated. Please notice, that the corrective cycle in the current wave 1 black might get as high as the level of 4.2381 before the corrective cycle is completed. Nevertheless, the mid-term and long-term bias remains bearish and new lows are expected.
Support/Resistance:
4.2381 – Wave 2 Top| Impulsive Bearish Count Invalidation Level|
4.2318 – 61%Fibo
4.1663 – Technical Resistance
4.0955 – Technical Support
3.9647 – Wave 1 Purple Low
Trading recommendations:
Swingtraders should consider to open a mid and long-term sell orders from current market levels with SL above the level of 4.2381 and TP at the level of 3.9647 with a possible downward extension to the level of 3.8220.
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