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.
Wednesday, December 23, 2009
Wave {iii} of 5 over?
It looks like it is at the moment. The short missed my target by 23 pips. I attribute that to Christmas week. Right now it looks to be making a messy long correction that will end up being {iv} of wave 5 when finished. I place the target zone for the end of this wave retracement in the 1.6028 - 1.6100 zone. Once this zone target is achieved, I would expect the short move to resume for {v} of 5. Being that it is 2 days before christmas it might just trend long in a slow sloppy way. Just a guess but we will see. I will post a chart when things start to clear up structurally.
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