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, August 12, 2010
GBP Ready for a retrace but trend likely to remain short
I think the GBP is ready for a significant retrace. An extended first is my top count but the count may be more bearish. I have indicated retrace zones for both possibilities.
i think that was a 2 of 5 of big C... and now we have started w.3 of 5 of C heading much lower...
ReplyDeletehere is the chart
ReplyDeletehttp://twitpic.com/2e2x6j