General overview for 31/10/2013 09:00 CET

Although it looks like wave 5 of wave A green has been done and the target level I had mentioned yesterday has been hit, there is still a possibility of an Ending Diagonal wave 5 navy.

This scenario for wave A green termiantion is in play as long as the low of wave alt:(ii) is not taken out: 1.0440.

If this low is broken to the downside, the alternate count is invalidated and the market is giving traders the first clue that top for wave A green might be in place.

The Key Level here is at 1.0428 Technical Support. Only if this level is taken out the downside is more probable than upside.

Support/Resistance:

1.0496 - Swing High

1.0470 - Intraday Resistance

1.0455 - Golden Channel Trend Line Support

1.0440 - Key Level

1.0428 - Techncial Support

1.0405 - Weekly Pivot

Trading recommendations:

Short positions should be in play from current levels with SL above 1.0497 and TP1 at 1.0440 and TP2 at 1.0427