British Pound Could Start a 3rd Wave Lower
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-21
Commentary: With the EURUSD potentially in for a period of weakness, we are focusing on the bearish count today. Under the bearish count, the decline from 2.1160-2.0522 is wave 1 in a 5 wave bear cycle. The rally from 2.0522-2.0844 is wave 2. The decline from 2.0844-2.0504 is wave i of 3 and the up (to 2.0617)m down (to 2.0353), up sequence is an expanded flat in wave ii of 3.
If this count is correct, then price should remain capped near the confluence of the 61.8% of 2.0844-2.0504 / 11/14 reaction high at 2.0714/32. Wave iii of 3 would be next so under this count the decline will accelerate soon.
Strategy: Bearish now, against 2.0844, target TBD (much lower)
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