General overview for 30/05/2016:
The wave b purple structure turned out to be a little more complex than anticipated, but still the count is correct and valid. The invalidation line however is relatively close, at the level of 124.02. Any breakout higher above this level will invalidate the black impulsive count and it will make the wave (b) blue more complex and time-consuming.
Support/Resistance:
124.85 – WR3
124.65 – Wave (b) High
124.23 – WR2
124.02 – Intraday Resistance
123.42 – WR1
123.10 – Intraday Support
122.82 – Weekly Pivot
121.99 – WS1
121.49 – WS2
Trading recommendations
All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.03.
The material has been provided by InstaForex Company – www.instaforex.com
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