Friday, April 16, 2010

GBP/USD Daily Chart

Here is my long term chart for the GBP/USD pair. I think the move down from 2.04 (not shown) is a completed impulse down, and we are now correcting in a large ABC. As you can see the B leg of this move is not yet complete, and I expect a small push higher over the coming week to complete wave 4 before a sharp decline begins to complete the C leg of red wave B. This move will likely take several months.
Posted by Jared at 11:16 PM
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2 comments:

  1. AnonymousApril 16, 2010 at 11:21 PM

    Hi, Jayrad

    I mostly agree with you on this count. The difference is that in Cable's recent rise from late March, your small wave 2 is a triangle. Isn't it that triangle rarely appears in wave 2? Perhaps the rise is a 3 leg movement with that triangle as the second wave, and then the final 3rd wave is now near its end? It's very messy at the moment but there is now a seemingly new down channel forming on 1H and 4H. I hope the bastard come crashing down ASAP!

    Franosh

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  2. JaredApril 16, 2010 at 11:40 PM

    Hi again Franosh,

    You are correct wave 2 should never be a triangle. But I'm pretty sure it's okay to have a triangle if it is part of a complex correction. The move looks like a flat-x-triangle to me. Here is a chart I just did you to show you: http://imgur.com/wHRTP.png

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