Wednesday, March 5, 2008

Gbp vs Jpy 1H Update #2


It seems that the price cannot break the upper triangle trendline and therefore break the lower which I believed making a "Double Bottom" pattern. As long the price not breaking the bearish continuation critical line, we still have a valid retracement scenario. But the other possibility is that the price might have a false breakout to perform an "Inverted Head & Shoulder" which is a sign for a Bullish Reversal trend. Otherwise if its a true breakout, then we will see a bearish continuation to complete wave v and c. Preferable - Double Bottom and Retracement.

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