Update for: 2011-09-12 - 2011-09-18
Posted on: Sunday, 11 September 2011 13:20
Short-Term Trend: sideways
Outlook: Well, the expected final rise twd 1.6650 has never come and GBP has fallen below 1.6100 level instead. Thus, the wave count now favors the scenario that wave (g) has already ended (though I still do not like the idea that wave (g) is so short in terms of time) and thus the entire upmove from the May 2010 low has ended too. If that's the case, the outlook is pretty bearish for the next several months as I see weakness well below 1.50 eventually. However, considering the trending conditions, they are not that bearish now. In fact, the market remains in its previous broad trading range and is now oversold. So, the trending conditions actually suggest a rally from here is more likely than further decline. So, it is better to be cautios with these mixed signals....
Strategy: Stand aside.
Next Update: Sun, 09/18/2011.
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