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Turning 24-hour traded market momentum into actionable trading potential TheLFB is at the forefront of new-generation 24-hour global market trade support, offering an outsourced global market analysis program and White Label service. The company provides a subscription service for all level of... More
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  • Chart of the Day: Gbp/Usd Bearish Leg Expected  0 comments
    Jan 21, 2010 6:15 AM

    TheLFB NewsTheLFB-Forex.com A Forex Trader Portal

    Chart of the Day:

    Gbp/Usd

    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 TheLFB.com, 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.

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    Disclosure: Short Cable
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