Update for: 2011-10-17 - 2011-10-23
Posted on: Sunday, 16 October 2011 16:54
Short-Term Trend: weak downtrend
Outlook: Exactly as expected in our prev. update, GBP attempted a rally and moved twd the 1.5950 level. This rise is believed to be a (b) wave of a zig-zag from the Aug 2011 top. We may still see some further gains twd 1.5950 but the current corrective bounce is now considered in its late development. Once the market breaks firmly below the 1.5680 level, we will have a strong signal that the larger-degree downtrend has resumed. So, I favor the bearish side if such a break occurs.
On the upside, sustained trading abv 1.5950 will make me more neutral as it will be a sign of strength. In this case I will re-assess the Short-Term prospects in our next update.
Strategy: Shorts can be favored on break of 1.5665 with 150-200 pts stop. Target= 1.5000.
Next Update: Sun, 10/23/2011.
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