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.
Thursday, July 15, 2010
One more push to a new high
The fifth wave coming out of the triangle looks incomplet. I would expect one more push long above 1.5471 before the seguence long ends. Structrually 1.5522 would be a good place to stop but it could be more or less.
Yes but not for quite a while. I think it will make one more push short to about 1.42 and that will end 5 waves down so a retrace will be due. I think those 5 waves down will turn out to be a larger wave 1 of an even larger wave C correction. So once it makes a new low wave 2 could take it back up to 1.60. time will tell (4-6 months?)
hmmm it seems we are now ending the correction... do you agree or u see us much higher?
ReplyDeleteI beleive this has to be very close to the end of the correction.
ReplyDeleteme 2... should be heading soon to 1,36 area... if all goes well, that is...
ReplyDeletethnx
Yes but not for quite a while. I think it will make one more push short to about 1.42 and that will end 5 waves down so a retrace will be due. I think those 5 waves down will turn out to be a larger wave 1 of an even larger wave C correction. So once it makes a new low wave 2 could take it back up to 1.60. time will tell
ReplyDelete(4-6 months?)