General overview for 12/06 2014 09:30 CET

The big irregular flat correction in wave B black finally looks completed and now the market is in a critical stage. To confirm my outlook, the price must break above the key level of supply breakthrough zone between the levels of 138.49 - 13858 in impulsive fashion. Otherwise the corrective cycle might get even more complex and time consuming. On the other hand, any break below the recent swing low and WS3 support at the level of 137.81 is bearish and the current main count will be invalidated. I would like to remind all traders that this count anticipated the possible wave 4 triangle pattern on higher time frames, and a failure to confirm the pattern on lower time frames means more dynamic, impassive wave progression to the downside will develop. Please trade with caution.

Support/Resistance:

137.81 - WS3

138.08 - Intraday Support

138.24 - WS2

138.29 - Intraday Resistance

138.49 - 138.59 - Key Level

139.15 - WS1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 138.81 and TP at the level of 138.50 with a possible upside extension to the level of 138.74 and beyond.