Looks like I was too aggressive in my assesment of the retrace structure. What I was calling i and ii (ciclre ) turned out to be a wave and b wave. The peak on 00:00 at 12/15/09 was c wave marking the greater A wave. It appears that B wave is still in progress and will likely make a new low below 1.6189 before turning and making five waves long to complete C wave which should then end the retrace with the complete structure labeled (2). From there a serious short should insue.
Please keep in mind that my overall anaysis for the GBP is that it is in a multi month short trend. In my opinion long positions are the risky ones. Even very short term long positions as these long retraces are difficult to predict.
Many months from now i Expect the GBP has the potential to go below par at 1.0000
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