British Pound forecast as of 10/06/2009

GBPUSD – With slight difference, Elliott shows now that market is in the process of  “Double Zig-Zag” (DZ) 2nd wave in the range of 1.4804 – 1.6160 between September 21th and January 14th .

Market has touched the likely time and price area; hence the move could be over anytime. At the same time, there are quit a bit of room to move both price and time wise, so nothing is set in stone. If the market does brake the recent low that it has tried in last several weeks, it is more likely that it will continue lower.

GBPUSD5_091006_Blog

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

WordPress Themes