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.
Tuesday, February 16, 2010
Not a Triangle
Price broke out of a level that would have allowed for a triangle pattern. It is obviously a complex correction. At this time, the most likely scenario is a double three that will turn out as a Flat to a zigzag. We won't be able to know till it is over but the overriding trend is still short. Please keep in mind there is an Alt scenario that has bullish potential. I am keeping this as a lesser likely hood due to the dollar strength and weakness of the other dollar crossed pairs.
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