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Wednesday, 26 August 2015

EUR/USD H4, Daily and Weekly









General overview for 26/08/2105:

As anticipated previously (post is here), the EUR/USD pair is trading inside of the large triangle pattern and it might take some time for this pattern to complete. Nevertheless, there is still uncompleted impulsive wave progression tot the downside with first minimal target at the level of 1.0000. To confirm the triangle pattern, the market must breakout below the level of 1.1214 (recent wave (a) blue top) and get back into the range zone. Any failure to do this might suggest a more extended move to the upside and test of the weekly supply zone at the level of 1.1883.

Support/Resistance:
1.2061 - 1.1883 - Weekly Supply Zone
1.1716 - Wave C Top
1.1656 - WR2
1.1558 - WR1
1.1434 - Technical Support
1.1290 - Weekly Pivot
1.1214 - Triangle Pattern Confirmation Level
1.1193 - WS1
1.0920 - WS2
1.0824 - WS3

Trading recommendations:
Swingtraders should stay short on this pair as there is still one wave missing (wave 5 pink) to complete the impulsive wave development to the downside. Please notice the wave 4 pink triangle pattern might be get more complex and time consuming. Targets are on chart.

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Monday, 24 August 2015

DAX Weekly, Daily and H4









General overview for 24/08/2015: 
The long term cycle labeled as wave 5 olive might have been completed, but there is no 100% confirmation of the top to be in place yet. The first corrective cycle from 12430 top is overbalanced, so that is the first clue of a possible top. Nevertheless, the second, bigger corrective cycle is right on the overbalance support now and the level of 9800 must be violated and daily close must happen to confirm top is in place. Moreover, the Elliott wave count is suggesting a quite impulsive wave progression to the downside might in progress now, but any breakout above 10900 invalidates this scenario.
Support/Resistance: 
11612 - WR3
11359 - WR2
10900 - Invalidation Level
10472 - WR1
10228 - Weekly Pivot
 9357 - WS1
Trading recommendations: 
Swingtraders should consider to close long term BUY orders or move the trailing stop loss orders up to the level of 9225. Daytraders should consider to sell any low/climactic volume rally up to the level of 10640 with SL above 11857.


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Tuesday, 4 August 2015

EUR/PLN Daily









General overview for 04/08/2015:

The wave 2 purple top had been established at the 61%Fibo at the level of 4.2318. Since then the market is continuing the decline towards wave 1 purple low at the level of 3.9647 and a breakout below this long term low is anticipated.  Please notice, that the corrective cycle in the current wave 1 black might get as high as the level of 4.2381 before the corrective cycle is completed. Nevertheless, the mid-term and long-term bias remains bearish and new lows are expected.

Support/Resistance:
4.2381 - Wave 2 Top| Impulsive Bearish Count Invalidation Level|
4.2318 - 61%Fibo
4.1663 - Technical Resistance
4.0955 - Technical Support
3.9647 - Wave 1 Purple Low

Trading recommendations:
Swingtraders should consider to open a mid and long-term sell orders from current market levels with SL above the level of 4.2381 and TP at the level of 3.9647 with a possible downward extension to the level of 3.8220.

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