General overview for 15/10/2015:
The recent Elliott wave development on daily and H4 time frame might suggest a more decisive and imminent bearish reversal is coming soon as the 1-2, 1-2 wave pattern is clearly visible on this two time frame charts. As long as the level of 1.5657 is not violated the odds for playing the downside are high, although there might be a one more marginal high made into the area of 1.5550 – 1.5570 and then reversal should happen. Any violation of the level of 1.5657 invalidates the bearish impulsive outlook.
1.5817 – Swing High
1.5657 – Green Impulsive Count Invalidation Zone
1.5550 – 1.5570 – Potential Reversal Zone
1.5532 – WR2
1.5441 – WR1
1.5286 – Weekly Pivot
1.5191 – WS1
Sell orders for swingtraders should be considered from current price levels with SL above the level of 1.5657 and TP open for now.