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General overview for 09/12/2013 09:20 CET
The Triple ZigZag count in intraday H1 time frame has been abandoned and the alternate count is in play now. Two counts were very similar, but now due to the shape of the wave progression, the better one seems to be a clear impulsive wave development count.
In Daily time frame, the main Ending Diagonal idea labeling is still the one I am following: the black ABC formation is now overextened wave C of wave 5. If it gets extended even more, this idea will be abandoned and wave 4 bold black will be a full ABCDE Triangle formation that would have been finished in place of present wave B black and the current wave progression is a bullish impulsive wave 5 green AND it is still the last one in the cycle, regardless the count!
Daily time frame shows the possible target level for this wave 5 as on lower time frames there are some impulsive sub-waves missing. The slope of Non Linear Regression model anchored from the bottom of the overall impulsive wave progression in pointing to the downside. The price is now in Risk Tail zone, meaning it wenty too far from a nomal distribution area and it needs to correct.
The lower time frame count on H1 and H4 shows a possible Triangle formation in wave iv black with the support level at 141.00. Please noticve that this correction might go lower to test Weekly Pivot level at 140.68 before the upside resume.
Support/Resistance:
143.81 - WR2
143.00 - WR1
142.25 - 141.85 - Projected Target Zone for wave 5 from Larger Cycles.
141.53 - Intraday High
141.00 - Intraday Support
140.68 - Weekly Pivot
139.88 - WS1
137.58 - WS2
Trading recommendations:
As long as Intraday Support holds, buying on dips is advised with SL below Weekly Pivot level and TP1 at 141.55 and TP2 at 141.85.
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