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.
Monday, January 4, 2010
On Track
Well the retrace went 2 1/2 pips past the point I called. Of Course. I missed the target by about 60 pips. Even though it is moving long as I type, this is still likley part of the long correction and I expect it to make a new low below 1.6137. Im not going to try and call a retrace point, as all my measuring points are not in place yet. I will try and make a post when it looks to be over and the long is ready to resume. By the way it can make a new high and it is still part of the corrective move that will turn and go lower. If I think anything changes I will try and let you know. No chart right now.
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