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  #11  
Old 13-08-2015, 05:10 AM
painofhell painofhell is offline
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General overview
After breaking yesterday's high of the wave c purple at the level of 137.46, the main count was invalidated and the bullish impulsive count is currently the correct one. The wave progression to the upside looks completed and the whole (a)(b)(c) blue corrective cycle might be completed as well. However, there is no top confirmation from the price action and it can come only with intraday support breakout (at the level of 137.78), weekly pivot resistance breakout (at the level of 137.74), and overbalance level breakout (at the level of 137.50). Any failure to break out below this levels means that new highs should be seen soon.

Trading recommendations:
Swingtraders and daytraders should note that the bigger corrective cycle might have been completed and any breakout below the level of 137.50 might be considered as bearish. Longer-term buy orders should be now closed or set for a trailing stop.

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  #12  
Old 14-08-2015, 04:43 AM
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General overview
The five wave impulsive structure to the upside looks like it has been completed and now the market might continue developing the larger downside cycle. The first confirmation would be a clear impulsive breakout below the intraday support at the level of 137.78 and therefore the top at the level of 138.86 would take place. Any new high invalidates this scenario

Trading recommendations:
Daytraders should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78

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  #13  
Old 15-08-2015, 04:07 AM
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General overview
As mentioned yesterday, the impulsive structure to the upside looks completed and the first indications of a corrective cycle to the downside are present in the hourly chart. Moreover, the intraday resistance at the level of 138.83 puts a cap on the price and after five-time trying, the market is not able to break out above this level. Further confirmation comes with the intraday support breakout at the level of 138.07 and the next support is at the level of 137.74.

Trading recommendations:
Daytraders still should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78

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  #14  
Old 19-08-2015, 02:07 AM
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General overview
As anticipated yesterday, the market reversed after testing the golden trend line resistance and currently is heading lower towards the technical support at the level of 137.34. Please notice that this corrective cycle might evolve into a more complex and time-consuming cycle, especially if the price falls lower into the neutral/range zone.

Trading recommendations:
Yesterday's shorts should be closed now as the TP level has been hit. Currently traders should refrain from trading and wait for clear pattern to emerge soon.

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  #15  
Old 21-08-2015, 02:13 AM
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General overview
The corrective wave W brown has been completed in three waves. So far there is no downside continuation for now as the market has broken out above the yesterday's resistance. Nevertheless, the three up waves, labeled as abc purple, might indicate a possible corrective wave X brown is about to be completed and then the downward corrective cycle in wave Y brown will continue. The key level for today is intraday resistance at the level of 138.39, because any breakout above this level will lead to immediate test of the recent high at the level of 138.82

Trading recommendations:
Daytraders should consider opening sell orders from the level of 138.39 with tight SL (10-15 pips) and TP at the level of 137.60.

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  #16  
Old 22-08-2015, 05:56 AM
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General overview
The double zig-zag pattern in wave X brown looks completed, but the market might still try to test the intraday resistance at the level of 138.84 one more time. Any breakout higher above this level invalidates the count and makes the weekly pivot resistance at the level of 139.45 the first target for the up wave. On the other hand, a clear breakout below the intraday support at the level of 138.12 supports the bearish outlook

Trading recommendations:
The sell orders from yesterday have not been profitable and the small loss of 10-15 pips has been accounted. Nevertheless, daytraders should still consider opening a sell orders from the level of 138.84 with tight SL (10-15 pips) and TP at the level of 138.12. Any clear impulsive breakout higher above the level of 138.84 with hourly candle close above that level is bullish and all shorts should be closed immediately!

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  #17  
Old 25-08-2015, 01:53 AM
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General overview
The market still cannot break out above the 138.84-138.94 resistance zone and the corrective cycle is getting more and more complex and time-consuming. Only a clear breakout below the intraday support at the level of 138.99 will confirm the top for the wave X brown is in place.

Trading recommendations:
Daytraders should consider selling any breakout below the level of 138.10 with SL above the level of 138.94 and TP at the level of 137.04.

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  #18  
Old 26-08-2015, 08:57 AM
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General overview
The anticipated low labeled as wave Y brown occurred yesterday and the WXY brown corrective structure is now completed. However, as long as the intraday resistance at the level of 138.94-138.84 puts the cap on any price rally, the market might still try to make another wave down with a low below the level of 136.02. Then the corrective structure will get more complex and time-consuming

Trading recommendations:
All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear pattern to trade

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  #19  
Old 28-08-2015, 12:48 AM
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General overview
As anticipated yesterday, another low below the wave Y brown bottom was reached at the level of 135.44. Currently, the corrective structure in wave (a) blue looks completed. If the intraday resistance at the level of 136.40 is violated, then the wave (b) blue to the upside might be in progress, but please keep in mind that this wave (b) might be very short-lived, and the market will continue its decline. Another thing worth to mention is the price is trading inside of the bearish zone now.

Trading recommendations:
Daytraders should consider opening buy orders from the level of 1.3211, with SL below the level of 1.3200 and TP at the level of 1.3299.

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  #20  
Old 29-08-2015, 04:05 AM
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General overview
The wave (b) blue is now in progress with the potential target at the level of 137.58 where the intraday resistance is. This kind of wave might get complex and time-consuming. Moreover, the whole technical picture from the Elliott wave perspective looks like a large corrective cycle in the wave C black is developing right now, so this kind of range-trading might be the main theme for some time now.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.51 is violated with SL below the level of 135.44 and TP at the level of 137.50.

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