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.
Sunday, January 31, 2010
Revision of last post
The aforementioned confirmation point is not correct. I believe the GBP will move long into the 1.6000 to 1.6020 zone and then move short to 1.5888 to complete wave c (circle) of the triangle. From there it has the potential to resume the next long leg that will be labled d (circle). Again, if it breaks 1.5706 before moving long the triangle formation is invalid and the short has begun in earnest.
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