Monday 4 November 2013

GBPUSD double top

Hi Traders,

Before getting into the analysis of GBPUSD, don't forget my Elliott wave Bootcamp in SYDNEY.

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  • To successfully master the "Wave Oscillator" to identify safer entry/exit points.

  • Spot the major turning points.

  • Identify profitable long running trades

  • Identify and avoid bad losing trades



    If you want to be part of the ELLIOTT WAVE BOOTCAMP in Sydney:

    • click on "HERE" to be re-directed to a Payment Gateway.
    • for further information call Richard Vatner at City Index Sydney: 02 9270 3618.



      ...




      THE ANALYSIS: GBPUSD





      The Pound (now at 1.5923) did exactly as predicted. It has completed wave 3 upward (daily chart) with a double top and then reversed. It's now almost on the 1.5908-1.5881 support.

      If the support holds it should bounce back to 1.6032 and 1.6075 and then down again.

      TARGETS

      First 1.5908-1.5881

      then

      likely: 1.6000
      possibly: 1.6079
      maybe: 1.6122


      ELLIOTT WAVES

      After the double top, the GBPUSD is supposed to perform a retracement to the area 1.5706-1.5692 in 3-5 waves downward. This retracement is wave 4 (daily chart) and should form an a-b-c or an a-b-c-d-e.





      weekly chart - click to enlarge






      daily chart - click to enlarge






      wave oscillator over the daily chart - click to enlarge






      4-hour chart - click to enlarge






      wave oscillator over the 4-hour chart - click to enlarge







      1-hour chart - click to enlarge 





      wave oscillator over the 1-hour chart - click to enlarge





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