Noob here.
Would like to know from all the seniors out there what are the chances of short (long term) trades for GBP/USD as of now? At the moment, it’s at about 1.6052 up 1.5990 on 15th Oct (GMT+8).
Been reading analysis and forecast which says chances of long trade are much likely. Is it true?
It’s bumping up against some resistance about now. Could turn and head back down?
I would say it will rise to 1.6140 as part of fourth wave of Elliot Wave before Wave five in the direction of the dominant trend (downtrend).
HTH,
Mich
GBPUSD_20091015.pdf (70.7 KB)
Woah! Thanks.
As of now, cable already hit a high of 1.6121. Could this analysis be right?
"[B]New strategy [/B]
Stand aside
As the British pound has maintained a firm undertone, suggesting upside risk remains for the rise from 1.5708 low to bring retracement of recent decline, however, only a sustain break of 1.6121-27 resistance would confirm and extend gain towards 1.6179 (61.8% Fibonacci retracement of 1.6470 to 1.5708) and possibly towards 1.6225 (50% Fibonacci retracement of 1.6742 to 1.5708), however, overbought condition would cap price at 1.6250/60 and bring another decline tomorrow."
The charactices of Wave 4 are corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three as per my earlier diagram it was 1.6140.
I will hazard a guess and assume that it will turn back below 1.6140.