General overview for 03/09/2014 11:20 CET
The bearish impuslive count has been invalidated as wave Y violated the level of 137.98 making wave 1 and wave 2 overlaps. That means now the chances for impulsive bearish wave developments are low as the market is supposed to complete the blue wave (b) to the downside and one more blue wave (c) to the upside first. Then, according to the H4 chart, there is a possibility that this complex, time-consuming corrective cycle is completed in a form of triple complex correction and the market might be ready for further increase. Please, notice that a breakout below the level of 135.46 invalidates the purple impulsive count and makes the top for big cycle blue wave 1 in place at the level of 145.65.
Support/Resistance:
138.63 - WR3
138.25 - Intraday Resistance
138.14 - WR2
137.75 - Intraday Support
137.40 - Intraday Support
137.37 - WR1
136.89 - Weekly Pivot
Trading recommendations:
As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).