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Picking Tops and Bottoms
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British Pound Strength to Continue
Fri, May 30 2008, 06:05 GMT
by Jamie Saettele
This is an updated chart from the one that we showed last Wednesday. The break through the trendline should lead to a continuation of strength. “A complex correction (W-X-Y) is unfolding since the 1/22 low at 1.9337. Support is clearly strong above 1.9350, which led to a triple bottom. The final leg of the correction is underway now and should lead to a thrust above 2.04 by mid-July.”
Short term, support held just below 1.97 and a 4th wave should be complete at 1.9672. The corrective sequence took the form of a double flat (complex and labeled W-X-Y). Complex forms such as this are common in 4th waves. Risk is at 1.9671 and the target is above 1.9850 (at minimum).
Published on Fri, May 30 2008, 06:13 GMT
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