Thursday, July 23, 2009

Gbp vs Jpy 1H


Please be noted that due to the bounce scenario at the bearish continuation critical line 1, therefore I believed market in progress to perform corrective wave b (yellow or white) which is more likely a reversal "Head and Shoulder" pattern before expecting for another bearish continuation trend scenario to complete corrective wave in c (yellow or white). A breakout towards the neckline would bolster to this scenario. Otherwise, a breakout to the white/yellow critical line would indicate another bullish rally perhaps to complete the unfinish subwave 5 in 2 (magenta). Advisable to look for any opportunity towards a short entry once corrective wave b (yellow or white) is completed from BSTS later. Good luck.

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