General overview for 05/11/2013 06:40 CET

The range of a Triangle is being maintained and so far it looks more and more like one more wave to the downside needed to complete the cycle.

It is very possible that the DEMAND zone is the target for this fifth wave (unless it would get extended). That would be wave Y brown of the overall corrective cycle wave (ii) green, and traders might expect a poerfull wave (iii) green to come. In case this wave (iii) would not come that means correction is not over yet OR some other Elliott Wave progression is more applicable to the current market stage.

Support/Resistance:

132.42 - Wave 5 target zone

132.45 - 132.60 - DEMAND ZONE

132.65 - Intraday Support

133.10 - Intraday Resistance

133.41 - Intraday Resistance

133.57 - Weekly Pivot | INVALIDATION LINE |

Trading recommendations:

Short positions should be in play in anticipation of a Triangle pattern breakout to the downside from the level of 133.25 with SL above 133.58 and TP at 132.45.