Glad you could join me.
Well I got the 251 pips from the length of wave 1(1.9182 up to 1.9433)starting on 3/5/07 - 3/12/07.
As for the 2.618, the 5th wave or an impulse tends to be either the same +- as wave 1 or it will tend to end at or near one of the fibanocci lvl's (.618, 1.618, 2, 2.618). In this case it looks like it will be 2.618 times the distance of wave 1 as it has already surpassed the other fib lvl's. Also the more significant lvl's you find pointing to one price target the stronger that price target becomes. There will be some small corrections before we get to these lvl's so don't jump the gun.
Also if you like trading the GBP/$ you should take a look at the GBP/JPY. It is like the gbp/$ but it has a lot more volatility to it. It is simply the price of the GBP/$ X $/JPY GBP/JPY= (2.0084 X 118.64) 238.27 at the moment. I guess it is a gift and a curse that it is so volatile. There is a good book for Elliott Wave that I read it is Elliott Wave Theory "Frost & Prechter by Charles Collins. It's a great book and breaks it down very well.
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