General overview for 30/07/2014 07:50 CET

The top for the green wave (ii) looks to be in place. Now, the market should continue with impulsive bearish wave progression to the downside. The invalidation line for this cycle is at the level of 137.25. The price is still staying under the golden trendline level and under intraday resistance at the level of 137.33. Only a clear, sustained breakout higher above the level of 137.25 would invalidate a simple abc purple corrective scenario. Breakout above the level of 137.32 invalidates the main outlook and puts the alternative scenario into play.

Support/Resistance:

136.23 - WS1

136.36 - Wave 1 Low

136.62 - Intraday Support

136.78 - Weekly Pivot

136.92 - Intraday Resistance

137.25 - Invalidation Level

137.21 - WR1

137.32 - Intraday Resistance

137.50 - 137.63 - Key Level for Bears

Trading recommendations:

Day traders should still keep the short orders from the level of 136.95 open, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.