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  • Chart of the Day: Gbp/Usd Bearish Leg Expected  0 comments
    Jan 21, 2010 6:15 AM

    TheLFB A Forex Trader Portal

    Chart of the Day:


    Daily chart trend: Mixed. Main price points: 1.5705, and 1.7041. Looking for: A complex wave IV

    Over the past months of price action the market was unable to hit new highs, and as such a Short, corrective wave is still developing.

    In a red wave IV, the market is forming a more complex correction than firstly thought, so we are seeing (NYSE:W)-(NYSE:X)-(NYSE:Y) pattern form, with wave (Y) that is in process. The current wave count structure signals for a move below 1.5705 support over the following weeks, once a black wave B) is complete.

    TheLFB Charting: Gbp/Usd daily view


    If you would like to be a part of, to receive a full Elliott wave detail for Gbp/Usd, and if you want to know what comes next and what to expect from the market, then join us now.

    Follow Elliott Wave charts and updates on twitter.

    Trade Signals and Plans Straight Off The Meta 4 Charts- Get TheLFB Trader Advantage

    Disclosure: Short Cable
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