General overview for 30/05/2016:
Despite the fact that the top for the wave 4 might be in place already, on the higher time frames, like daily and weekly, the market is still trading inside of a triangle pattern. This is why I use the alternative count, to indicate a possible wave D of the triangle to still be in progress. The main impulsive count is the continuation of the idea that the top is in place at the level of 1.1615 and now the market is in the impulsive wave development of the wave 5.
1.1173 – Internal Sub-Cycle Invalidation Level
1.1216 – Wave 4 High | Technical Resistance|
1.1242 – 1.1255 – Supply Zone 1
1.1282 – 1.1293 – Supply Zone 2
All sell orders should move the SL just above the level of 1.1173 and lock the profits: the wave 5 might be about to complete. The next corrective cycle is due now, so all bearish biased traders should wait for the correction to complete and then open sell orders again.