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Picking Tops and Bottoms
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British Pound Still Bullish Above 1.9461
Wed, Jun 11 2008, 06:14 GMT
by Jamie Saettele
The GBPUSD's decline today is most likely a wave 2 correction. Expectations are for a wave 3 advance to begin soon. The minimum objective is 1.9850 but 2.0190 is likely. This bullish setup is valid as long as price is above 1.9460.
The decline from 2.1160 was in 5 waves (not labeled) and is wave A in a large 3 wave correction. Since then, wave B of the correction has been unfolding. This B wave is taking the form of either a triangle or flat. In the case of a triangle (red labels), price will exceed 1.9850 and probably test 2.02. In the case of a flat, price will exceed 2.04 before reversing lower.
The 15 minute chart shows that the rally from 1.9461 was in 5 waves, therefore a bullish bias is warranted against that level. The decline can be counted as a 3 wave correction. The correction is deep, as 2nd waves often are. Second waves are deep in order to convince the majority of market participants that the trend is back down. This sets the stage for the strong rally that occurs in wave 3.
Published on Wed, Jun 11 2008, 06:22 GMT
Archive
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Published On Thu, Aug 28 2008, 05:48 GMT - AUDUSD Bearish Triangle Opportunity
Published On Wed, Aug 20 2008, 08:16 GMT - GBPUSD Possibilites After Fed Release
Published On Wed, Aug 6 2008, 06:15 GMT - USDCAD: Preparing for a Breakout
Published On Fri, Jul 25 2008, 06:38 GMT - EURUSD: Don't Be Spooked by Volatility
Published On Fri, Jul 18 2008, 06:04 GMT
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