Friday, May 23, 2008

Gbp vs Jpy 1H Update #1


At this moment, I believed market already in retracement phase to complete wave iv before another bullish continuation to complete wave v. Unless we see a breakout to the retracement critical line, preferably wave iv (yellow/white) already completed. Otherwise we may consider an alt count in magenta.
But according to the technical analysis at BSTS daily and weekly chart, it not showing a good signal for a strong bullish trend which therefore please be carefull for any "bullish trap" scenario. So, advisable to wait an entry for a bearish reversal trend instead of bullish continuation. And also, please consider that wave v maybe only a truncated wave. Good luck and happy weekends.

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