General overview for 03/08/2016:
There are two scenarios that can help to determine when the wave (c) of wave 2 will terminate and the market reverses:
– Ending Diagonal Scenario – green arrows – the market will perform another wave up towards the level of 1.3609 and then reverses impulsively down
– Full Zig-Zag Scenario – green arrows – the market will burst through the yellow zone in impulsive fashion and try to hit the 50%Fibo at the level of 1.3907 before reversal will happen
1.2793 – Technical Support
1.2975 – WS2
1.3125 – WS1
1.3208 – Weekly Pivot
1.3359 – WR1
1.3452 – WR2
1.3489 – 1.3609 – Yello Gap Zone
1.3645 – 38%Fibo
1.3907 – 50%Fibo
There is still uncompleted wave progression to the downside and in the mid-term the market should return to the down trend as soon as the correction cycle is completed*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.