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 2, 2010
One more short at least
Here is the scenario. If price breaks 1.5951 before it breaks 1.60064 it should trend short to at least 1.58640. Once again, for the daily chart triangle scenario to remain in tact price can not break 1.5706 to the short side. If price then moves decisively long after touching the trend line at 1.5855 to 1.5864. That will most likely signal the end of the c (circle) wave of the daily chart triangle. Price should then trend long to above 1.6600 to make the d (circle) wave. The d (circle) wave should take many days.
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