Wednesday, March 26, 2008

Gbp vs Jpy 1H Update #3


At the moment, price continue to retrece back and perform a small double top. Price already near the top of the upper teal triangle trendline and shows a strong comeback maybe to further retrace upwards There is 3 possibility scenario at the moment which are :-
a) Price will going upwards until the previous top to establish the bigger double top or maybe abit higher to complete wave 5 and IV.(count in magenta)
b) While the 2nd scenario would be price will start perform the major bearish continuation to complete wave V and C.(count in cyan)
c) All count will become invalid if the price break the major bearish critical line and major trend already change to bullish.(count in white)
Preferable - wait for a BSTS 2 and 3 bearish continuation signal.

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