General overview for 06/03/2014 15:50 CET

Wave (c) blue has been finished sooner than expected and the overall wave (2) blue has been finished as well. Unfortunately our target level has not been hit this time.

On bigger time frame count we can see the low for wave 4 purple being in place and now some first indications of impulsive wave 5 purple to the upside is developing. The key area here is supply zone between the levels of 142.93 - 143.15. If this zone is broken, then the swing high at the level of 145. 68 will be tested. On the other hand, the alternate count still indicates a possible more complex wave 4 purple possibility. For this count the recent high is the top for an ABC black ZigZag and a top for wave alt. B blue. So now it all depends how the price will behave when it hit the key level.

Support/Resistance:

143.27 - WR3

142.93 - 143.15 - Supply zone

142.18 - WR2

140.95 - WR1

Trading recommendations:

Sell positions should be opened from the level of 142.92 with SL below the level of 143.30 and TP at the level of 141.00.