Monday, March 9, 2015

How Farther Will The Cable Dip?

For more about 3 weeks, I have maintained a strong bearish stand on Gbpusd. It has been a very rewarding and relaxing journey. From -70pips to 100pips to 250 pips and yet sitting down and watching how my final target will be hit at 1.4980 to round up a truly rewarding trade of 400pips.


If you are a visitor of this blog, you can read my first analysis here and the second here .


Now that the power of the ending diagonal has been confirmed and price moved down in a typical impulsive move, minor correction should be expected especially when a strong support is close.


My recent intra day elliot wave count shows that price has moved and making the second minor retracement (wave 4).


I expect price to move down from there to test the support zone indicated at 1.4950-1.4990.


If price doesn't penetrate the support in high momentum, price will consolidate or retrace.


Price is the key and the king. 


I will update you here

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