Saturday, August 2, 2008

Gbp vs Jpy 1H, 4H & Daily Pre Market Overview


Chart 1H - I'm looking forward for a bearish continuation to complete subwave iii in yellow. But please be careful for any possibility of the alt count in magenta or white. Advisable to wait for another very good bearish entry signal from BSTS later before making any entry.


Chart 4H - Preferably, I'm looking for further downside trend but please be extra careful if the "double bottom" pattern scenario is valid. And if the price bounce and break the yellow critical line, the bearish continuation scenario would be invalid. Otherwise, a breakout to the lower red trendline would bolster the bearish continuation scenario.


Chart Daily - Please watch closely the upper green trendline and the red lower trendline to confirm which trend is more preferable. I believed market in bearish reversal trend and a true breakout to the lower red trendline would bolster this scenario. But a breakout to the upper green trendline would put this bearish reversal scenario in major doubt.

Summary :

1) Preferably, I'm looking for a further bearish continuation trend to complete subwave iii in yellow. A breakout to the white critical line would bolster this scenario. Please analyse BSTS 2 & 3 TF Daily and Weekly for any valid signal.

2) But please be careful if the "double bottom" pattern scenario is valid. A breakout to the yellow critical line would favour to the alt counts refering either to the magenta count or white count.

Good luck.

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