Oct 17, 2014


The wave lower finished close enough to support and bounce up has begun as expected. There is already 3 wave structure in place and the bounce could be over but looking at the last two daily candles with very long tails(there is buying) we should see more to the upside. In this case we saw wave A and B and C to the previous support now resistance 1885-1905 should follow.
Just watch the price action today - the market should drift lower in the morning session and should not move below the 50%-61,8% retracement zone. In the afternoon session reversal up should start.
If the market start moving impulsive lower with the opening than wave 4 is over and 5 is running.

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