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Monday, October 19, 2009

Elliot Waves

Posted by Harmain at 5:31 PM

The GBPUSD has returned to and exceeded the head and shoulders neckline that was broken in September. Resistance extends to a line extended from the August and September highs, which is at 1.6456 today (the line decreases 11 pips per day). The 61.8% of the decline from 1.6746 has held on a daily closing basis. Structurally, the decline from 1.7000 may be a series of 1st and 2nd waves.

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