Wednesday, February 27, 2008

Gbp vs Jpy 1H Update #2


The price already reached my TP at the moment. Either there will be a Bearish Continuation or a bullish retrace to fibo 50%, we need to wait and see. From my point of view, I believed the price should retrace back to maybe fibo 50% to perform a "Head & Shoulder" pattern before another Bearish Continuation to complete wave c. Or there are a Bearish Continuation until FE 100% before the price start to retrace back. Its a suicidal risk if you make a long entry at the moment. Watch the lowest trendline and the DT bearish channel trendline. As long as the price going down following the Bearish Channel Trendline, the Bearish Reversal speculation would still be valid. Wait for a good signal from BSTS before making any entry.

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