General overview for 06/11/2013 09:00 CET

There are now TWO possible scenarios that depend on whether wave 5 of Y brown is finished or not:

SCENARIO #1 - Main Count - It indicates that the price is still in a Triangle formation of wave 4 navy, and there are some waves missing to finish this pattern. A breakout above Weekly Pivot invalidates this scenario.

SCENARIO #2 - Alternate Count - It indicates that wave 5 navy and wave (ii) green are done now and the low is at the 132.33 level. The currecnt price action is the attempt in developing wave 1 to the upside. Breakout above Weekly Pivot confirms this scenario.

Support/Resistance:

133.56 - Weekly Pivot | Invalidation Level |

133.41 - Intraday Resistance

132.93 - Intraay Support

132.60 - Intraay Support

132.33 - Wave 5 First Target Zone

131.75 - WS1

131.68 - Wave 5 Second Target Zone

Trading recommendations:

As mentioned yesterday, short positions are still in favour here with entry close to 133.41 as much as possible and with SL above 133.57 with the potential targets TP1 at 132.33 and TP2 at 131.68.