General overview for 19/01/2017:
Let's take a look at Elliott wave developments starting at weekly time frame chart. The complex corrective structure that had developed since the top of the wave X at the level of 1.1083 bottomed a the level of 0.6820. This long-term wave had been labeled as wave a of the overall structure, which means, that currently wave b of the mentioned structure is being developed.
At the daily chart, we can see more details regarding the beginnings of the bigger time frame cycle b.The five wave progression leads to the top at the level of 0.7633 labeled as 1 or A.Then we have an ABC zig-zag structure in wave 2 or B ( inc. complex correction inside of the wave B). So far the progression looks impulsive.
Finally, at 4H time frame, there is almost completed impulsive wave progression towards the level of 0.7525 ( previous wave (4) top). This progression will be terminated soon and a corrective cycle will start. The first two levels of the correction are at the support levels of 0.7491 and 0.7444. Please notice the golden trend line support - if broken, then the top is confirmed.
0.7833 - Technical Resistance |Range Breakout Level|
0.7777 - Technical Resistance
0.7527 - Wave (4) Top
0.7491 - Intraday Support
0.7444 - Intraday Support
0.7159 - Invalidation Level
Due to the unfinished upward cycles, higher prices in this market are being expected with the first target projection at the level of 0.7777 and 0.7833. This scenario is valid as long as the level of 0.7159 is not clearly violated*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.