General overview for 30/05/2014 08:30 CET

The downside impulsive wave progression has made one more low than I expected but for now it looks completed. Due to this new circumstances, the count has been slightly changed and it indicates two possibilities. The first one is that the top for the wave 2 black is in place and the recent downside wave progression is the impulsive wave (i) green of the wave 3 black. The second one, alternate count, indicates that there is still possible more complex correction in wave 2 black and the recent wave progression to the downside was a wave alt:(b) blue and now the impulsive rebound should be in progress. The key level here for intraday internal wave cycle is the grey rectangle between the levels of 138.50 - 138.58, as any breakout higher means wave (ii) green corrective bounce is going to retrace more ground. The main count invalidation line is at the level of 139.35: any violation of this level means alternate count is in play.

Support/Resistance:

137.97 - Wave (i) green Low

138.06 - Intraday Support

138.31 - WS1

138.50 - 138.58 - Key Level

138.58 - Intraday Resistance

138.80 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell limit orders from the grey rectangle zone with SL above the level of 138.61 and TP at the level of 138.06 with a possible downside extension to the new low.