General overview for 22/08/2013 10:00 CET
As it was indicated yesterday, another wave to the upside has been made ( wave 5 purple). Judging by the momentum analysis, there is still a possibility, that this wave does’t finish the whole five impulsive purple waves sequence to the upside but it could be long wave 3 purple with fifth wave expansion ( wave alt:3). This is why I still take into account the possibility of even larger and stonger wave 3 green and I will keep the alt. purple count on chart as long as it is not invalidated ( invaliadtion level is 1.0368).
Currently price should be in corrective cycle of wave 4 green or wave alt.4 purple.
Another alternate count is green alt.A, alt.B, alt.C count thet still indicates a possibility of some sort of corrective structure and current wave development suggest Irregular Flat wave alt:2 and not a triangle ( as suggested yesterady).
Support/Resistance:
1.0500 – Swing High
1.0466 – WR3 | Intraday Support |
1.0436 – 1.0445 – Intraday Demand
1.0417 – WR2 | Previous Wave 4 Area |38%Fibo
1.0359 – 50%Fibo
1.0377 – 1.0370 – WR1 | 61%Fibo |
1.0368 – Technical Support | Purple Impulsive Count Invaliadation Line |
Trading recommendations:
Buying the lows of the corrective cycle wave 4 in anticipation of wave 5 to the upside is the way to trade.
First level would be at 1.0466 with tight SL.
If this one is broken, then next one is 1.0436 – 1.0445 zone with Sl just below 1.0444.
Last opportunity is at 1.0417 with tight SL.
Potential TP level is at 1.0531 – 1.0543 zone.
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Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2013 |
USD/CAD H1 analysis for August 22, 2013
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