This blog is dedicated to my analysis of the GBPUSD currency pair. My primary analysis tool is Elliott wave theory in combination with a proprietary moving average (Jurik JMA) and a custom MACD setting. I make updates as warranted. IMPORTANT NOTE: I use a dot in front of the number or letter to denote the character is in a circle, per correct wave notation.
Thursday, December 17, 2009
Short Target
We are currently in a corrective move that is near an end. I believe the target where the short moving 5th wave will end is 1.5800. This number coincides with the short side trend line (day chart) and wave equality where 1= 5. Once we reach this area i Would expect a swiftly retracing A wave which I think will likely move to 1.6400
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