General overview for 02/06/2016:
The previous count that can be seen here had been invalidated due to wave i and wave iv overlaps. I’ve been counting the wave v to the downside will appear and then the market will start the corrective cycle to the upside, but it turned out the wave v had been terminated sooner than expected.
Anyway, the market has hit the 23%Fibo at the level of 1.1220 and this top might be considered at the wave 2 in the alternative count. Nevertheless, the current main count, however, indicates the level of 1.1220 to be the top only for wave (a) of the overall correction as it LOOKS TOO SHALLOW for now. If this is really the top for the wave (a), then we should see a VERY SUDDEN IMPULSIVE SELL-OFF in wave 3, breaking the recent low at the level of 1.1097. A lack of such a wave development will possibly result in CORRECTIVE WAVE (b) progression down to the level of 1.1175 and then another rally upward towards 38%Fibo at the level of 1.1297.
1.1354 – 50%Fibo
1.1297 – 38%Fibo
1.1282 – 1.1291 – Technical Resistance Zone 1
1.1242 – 1.1255 – Technical Resistance Zone 2
1.1220 – 23%Fibo
1.1175 – Key Level
1.1097 – Swing Low
All swing sell orders should now be closed as the market is now in the corrective cycle. Stay aside and watch the market reaction to the level of 1.1175 before making any trading decision*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.