British Pound forecast as of 10/27/2009

GBPUSD –Elliott shows that market finished “Zig-Zag” (ZZ) 2nd wave and is in the process of  ZZ 3rd wave in the range of 1.7036 – 1.9617 between December 1st and May 11th .

Market move below recent lows means that ZZ 2nd wave is not complete after all.

GBPUSD5_091027_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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