British Pound forecast as of 09/08/2009

GBPUSD – Like last week, Elliott shows that market is in the process of  “Zig-Zag” (ZZ) 2nd wave in the range of 1.5059 – 1.6298 between September 11th and December 30th .

GBPUSD5_090908_Blog

Market move above 1.70 makes it more likely that ZZ 3rd wave up has started.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.

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