General overview for 22/05/2015:
The impulsive wave progression to the downside labeled as wave 1 pink had been completed and the irregular corrective cycle since then has almost hit 50%Fibo at the level of 1..5877 in three wave advance. This corrective wave has been labeled as wave 2 or a purple, because there is still a possibility that corrective cycle is not completed. On lower time frames however, we can see that the first wave to the downside after the local swing high at the level of 1.5817 might be labeled as impulsive wave, followed by three wave corrective cycle (labeled as abc green). But the current wave progression does not look too much impulsive so far and the alternate count is suggesting the more complex wave (ii) green correction IF the level of 1.5566 in NOT violated.
Support/Resistance:
1.5817 - Swing High
1.5664 - Weekly Pivot
1.5566 - 1.5587 - Key Zone
1.5518 - WS1
Trading recommendations
As long as the market trades above the the level of 1.5566 the downside move is not confirmed and buy orders should be opened. Please notice that the break out below wave (i) green low at the level of 1.5450 confirms the top is in place and creates a sell swing trade opportunity to trade wave (iii) to the downside
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