British Pound forecast as of 09/29/2009

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 .

Looking for recent market action, many things can be read out from the chart – That market is already in the likely price and time area; at the same time Elliott shows that the middle wave for the wave down is not even completed its own middle wave, in which case market will move up before moving down to complete the wave down. So in conclusion, market can move up, down, sideways and our current combination would still remain valid.

GBPUSD5_090929_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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