General overview for 23/12/2013 10:50 CET

The corrective cycle of wave iv black is still not finished and more downside wave progression is being expected.

A possible shape of the overall wave (c) blue is abc Irregular Flat correction, that should complete into 140.90 level support. In this case wave iv black would be a simple correction but there is a possibility, that wave iv black will become more complex and timie consuming correction is a shape of a triangle formation. In this scenario traders could expect two more additional waves, (d) and (e) blue to complete the overall wave development. Range zone between 140.91 and 142.89 should be maintained as well in case of a triangle formation and any breakout higher is bullish. Nevertheless, at this point of current analysis it is too early to draw this conclusions with 100% accuracy.

Support/Resistance:

143.20 - WR1

142.89 - 4 year's Swing High

142.69 - 142.81 - SUPPLY ZONE

142.49 - Intraday Resistance

142.10 - Weekly Pivot

141.84 - Intraday Support

141.33 - WS1

140.91 - Technical Support

Trading recommendations:

For intraday scalpers: the breakout below Weekly Pivot level at 142.10 is bearish and then 141.84 support level would be in view. If you decide to trade this setup, then SL should be above 142.49 and TP levels would be 141.84 and 1401.33.