British Pound forecast as of 09/22/2009

GBPUSD – No change -  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 .

Looks like the ZZ 2nd wave is “Flat” that is in the process of 2nd wave up which might even move market above recent highs without invalidating the current pattern.

GBPUSD5_090922_Blog

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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