General overview for 25/01/2017:
The main question all analysis are asking is whether the low at the level of 1.0337 is the major bottom for the big time frame cycle labeled as wave 5 OR is this a Leading Diagonal of the same wave 5 (so we should see more downside pressure soon)?
There are two possible counts available now, each one of them is trying to label this two scenarios.
The H4 time frame chart assumes the low at the level of 1.0337 is only the bottom for the wave (1) and now the market is in the complex corrective cycle. This WXY correction should terminate inside of the gray rectangle zone between the levels of 1.0794 – 1.0870. Then market should follow the red arrows marked on the chart.
The H1 time frame chart assumes the low at the level of 1.0337 is the major bottom and the alternative count was made to label a possible impulsive wave progression to the upside. The alternative impulsive cycle in the sequence of 1-2, (i)-(ii), i-ii waves, so it is extremely bullish.
Please notice, the invalidation for both counts is at the level of 1.1298, so it is a pretty
steeply upward road for the bulls.
Support/Resistance:
1.0337 – Swing Low
1.0493 – WS3
1.0568 – WS2
1.0613 – WS1
1.0675 – Weekly Pivot
1.0772 – WR1
1.0811-1.0820 – Target Projection for wave c
1.0793-1.0870 – Demand Breakthrough Zone
Trading recommendations:
All swing traders with opened SELL order should now closely watch the gray rectangle zone as any break out higher will justify the decision to close the SELL orders*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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