WIG20 Futures H4 Update

General Overview for 08/08/2013 13:30 CET:

The GAP has been closed and index is moving in impulsive wave progression top the upside.

Wave (iii) of wave iii is almost done and next resistance level is 78%Fibo @ 2410. Price is expected to move a little bit lower in lower degree corrective cycle wave (iv) and then break out to the upside. Target for wave (v) of iii is 2438 min.

As lonf as the Key level holds bias is to the upside.

Support/Resistance:

2571 - WR3

2504 - Swing High

2472 - WR2

2438 - WR1

2410 - 78%Fibo

2340 - Weekly Pivot

2306 - WS1 | KEY LEVEL |

2207 - WS2

Tradinf Recommendation:

As long as KEY LEVEL @ 2306 holds long side of the market should be played with TP @ 2438 min.

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