British Pound Expanded Flat
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-19
Commentary: “The decline from 2.1160-2.0522 is either wave 1 in a 5 wave bearish cycle or wave A in an A-B-C correction. The rally to 2.0844 is wave 2 or B and the decline from 2.0844 is wave 3 or C. The decline from 2.0844 would equal the 2.1160-2.0522 decline at 2.0209, which is the intial bearish objective.”
Short term, the decline to 2.0353 was most likely a b wave in an a-b-c expanded flat. A rally through 2.0504 satisfies minimum expectations for the rally although price could reach a fibo level at 2.0542. Price must remain below 2.0617 for the bear count to remain favored.
Strategy: Flat
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