General overview for 10/12/2014 06:30 CET

The green impulsive count has been canceled due to wave one and wave four overlaps and now an alternate count is in play. In this count, the general idea is a little more complex wave developing in a corrective cycle labeled as waves WXY brown of a wave 2 red. Currently, this cycle has got back into the yellow neutral zone and further downward progression is expected. The first level of support is the yesterday's big candle shadow bottom at the level of 146.76, but if it is violated, the market should fall event further to the level of 145.70. Only a sustained breakout above the level of 148.32 would change the bearish outlook.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.32 - WS1|Key Level|

147.53 - Intraday Resistance

146.79 - Intraday Support

146.34 - WS2

Trading recommendations:

The sell orders from the level of 147.37 should be still kept open and traders are welcome to add to the shorts at any price between this level and the level of 148.32.. SL orders should be placed above the level of 148.33 and TP orders should be placed at the level of 146.34 with a possible extension downward to the level of 145.70.