General overview for 15/01/2016:
There are still two different scenarios possible for this pair, both of them have clearly defined invalidation levels:
– scenario one – main green impulsive count – still sees a possible top for the wave 4 green to be finally set, but it must happen below the level of 1.1086. Any breakout higher invalidates the impulsive downside count
– scenario two – alternative purple count – will get in charge when the level of 1.1086 is violated
as a part of an ENDING DIAGONAL wave 5 pink of a larger cycle
There are three different levels where the wave 2 purple might be terminated. The projected target levels depends on the form of the pattern in the last stage of the corrective cycle which is hard to
say at the present moment. The wave 5 pink target projection is around the parity level +-100 pips.
1.4000 – 1.3767 – Target 3
1.1277 – 1.1226 – Target 2
1.1162 – 1.1116 – Target 1
1.1086 – Invalidation Level
The daytraders and swingtraders should consider to open sell orders from the orange rectangle
zones with SL just above the higher zone boundary and wait for the trend reversal confirmation
( i.e.: candlestick formation, MA crossover, etc).
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