General overview for 02/07/2014 11:55 CET

The target level for the wave v black of the wave 3 purple has been hit and the market failed to go any higher than this level. Currently it is wotth to keep an eye on the intraday support at the level of 138.49 as any breakout lower would invalidate the purple bullish count and make the correction most likely completed. Moreover, this kind of wave progression would indicate more lower levels are in view and the targets would be the weekly pivots. Secondary confirmation comes with the red ascending trending breakout and this event would directly expose the bearish zone to be tested.

Support/Resistance:

139.89 - WR3

139.40 - WR2

139.02 - Wave v black Target

139.89 - WR1

138.88 - Intraday Resistance

138.49 - Intraday Support

138.43 - Weekly Pivot

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

Price is currently in range zone and it is worth to keep an eye on the key level breakout to the downside, below the red trendline.