Elliott Wave GBPUSD

Elliott Wave GBPUSD 1 Hour Chart 10 January 2012 6:19:00PM AEST
Cable is showing very similar wave structure as the Elliott WaveEur/Usd pattern; advance from the lows appears corrective because of slow and overlapping price action within parallel lines. However this one is lagging compared to euro, so we still want to see support channel line broken, before downtrend is confirmed.

Elliott Wave GBPUSD4 Hour Chart 10 January 2012 5:23:00PM AEST
-corrective price action complete
We reworked the Elliott Wave count on cable after impulsive fall from recent 1.5671 swing. We know that impulsive waves shows direction of a larger trend, so with this being said, the most recent upward leg from 1.5360 is done, which means that pair should move into a new low! As such, we think that wave 2) was a running flat, and that pair is tin a sub-wave 1

Elliott Wave GBPUSD Daily Chart 08 January 2012
-wave 2) done!?
A decline from 1.6170 can be counted in five Elliott Waves, with wave 5 low just above 1.5300 area from where we a sideways move over the past few weeks. AS such, we came out with an idea that wave 2) may have already reached a peak and that weakness will follow in coming days and weeks. But we however still want to see a 1.526 breakout; 2011 low, which will send the pair down minimum to 1.48!.


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