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Wednesday, 25 November 2015

USD/PLN Daily Analysis









General overview for 25/11/2015:

The impulsive wave development to the upside looks incomplete and higher prices are expected.
Two scenarios are currently in play:
- scenario one - main count - suggest more upside wave progression as the impulsive structure unfolds with the first projected target at the level of 4.7000. Nevertheless, any breakout below
the level of 3.8368 will invalidate the current impulsive scenario and make alternative labeling
in charge.
- scenario two - alternative count - indicates an incomplete  ABC corrective cycle. Any breakout below the level of 3.8368 will invalidate the current impulsive scenario and make alternative
 labeling in charge.

Support/Resistance:
4.7455 - Last Major Swing High from year 2000
4.0000 - Round Number Support
3.9673 - Wave 1 High
3.8368 - Invalidation Level

Trading recommendations:
Swingtraders that still keep the buy orders open should move the SL to the level of 3.9672 and
 wait for another higher high to come. Please notice the bearish divergence suggest an internal corrective  sub-cycle is coming soon.

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