General overview for 31/12/2014 08:20 CET

The yesterday's intraday support has been taken out, the market has made a fresh new lows but it failed so far to follow through with the decline. The neaк-term outlook remains the same with two possible scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate outlook indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with a rejection of the level of 146.43. On the other hand, the confirmation of the alternative outlook comes with a violation of the level of 146.43. Any new low below the level of 144.97 supports the main scenario.

Support/Resistance:

149.76 - Technical Resistance|Swing High|

148.35 - WR3

148.22 - Technical Resistance

147.74 - WR2

147.17 - WR1

147.13 - Intraday Resistance

146.54 - Weekly Pivot

146.44 - Intraday Resistance|Key Level|

145.92 - WS1

145.70 - Technical Support

145.39 - WS2

144.78 - Intraday Support|Swing Low|

144.82 - WS3

Trading recommendations:

Daytraders should refrain from trading for now. Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.