British Pound Bounces
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-21
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 rally from 2.0353 to 2.0564 and the dip to 2.0450 completes either an a-b of an a-b-c or a 1-2 of a 1-2-3. Either way, price is expected near term to exceed 2.0564. Potential resistance is where the rally from 2.0450 would equal the 2.0353-2.0564 rally at 2.0661.
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