General overview for 14/03/2016:
The corrective cycle for wave 4 is still in progress and so far only the a wave of the overall cycle had been made. The next wave is the wave b that should re-test 50%Fibo at the level of 1.4151 before the next impulsive leg will develop. The projected target for wave 4 is at the level of 1.4666, but this corrective cycle might evolve into more complex and time consuming pattern.
1.4666 – Projected Target for Wave 4
1.4643 – WR2
1.4537 – WR1
1.4325 – Weekly Pivot
1.4216 – WS1
1.4151 – 50%Fibo
Daytraders should buy the dips in this market while the wave b is in progress with SL below the level of 1.4150 and TP at the level of 1.4666.