Tuesday, October 20, 2009

Gbp/Usd H1 - update

Original chart posted here yesterday


Updated chart.

5 comments:

Janna said...

Good job.

mark said...

nice charting.. what is your target for the move down? im quite new and im not sure how to set targets based on elliot and fibs.. would be nice to get your input..

keep up the good work..

thanks!

Clive Nayler said...

As far as I can tell, this latest five waves made up wave 'C' of a retracement 'WXY' wave making up, in total, wave 2. This had followed the first impulse move down (wave 1) from 1.7042 in five clear steps. As such, we should now be in wave 3 and if it moves 1.618 times wave one, a target of 1.4400 looks reasonable. Only been at this a couple of months but what do you think? A good proxy for wave 3 in the stockmarket collapse?

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mark said...

hey clive, im not really sure yet on how to count waves and figure out retracements.. im fairly new at this right now.. what i do know is that alot of traders are aiming for the big low some time soon.. hope we all get on that ride down.. thank you very much for your input..