General overview for 27/05/2014 07:50 CET

The wave progression goes so far in line with expectations and the current corrective cycle might be completed by the end of the week. The high of wave a green has been taken out which means this is the biggest correction in the recent wave progression from the top of the swing. There are two more levels that are with to keep an eye on: the intraday resistance at the level of 139.42 and technical resistance at the level of 139.86.

Support/Resistance:

140.63 - WR3

139.97 - WR2

139.86 - Key Level

139.48 - WR1

139.42 - Intraday Resistance

139.12 - Intraday Support

138.81 - Weekly Pivot

138.31 - WS1

138.14 - Swing Low

Trading recommendations:

Daytraders should keep the opened yesterday positions from the level of 139.13 with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.

Swing traders should wait for the correction to complete before shorting the market again.