Tuesday, March 11, 2008

Gbp vs Jpy 1H Update #2


Market already made a retracement more then it supposed to be. Therefore the previous wave count (12345) already considered as invalid. Therefore either GJ will have a bearish extansion or a bullish reversal. Personnaly, I'm more prefer to my alt count (bullish reversal). It is because :-
1) An EW truncation pattern (teal triangle) - indicates an exhaustion in bearish trend.
2) "Triple Bottom" pattern (blue rectangle) - as long the point has not been taken.
3) Once the price break the bullish confirmation line.
Otherwise, there will be a bearish extansion later on if the price break the bearish continuation critical line. Good luck.

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