Update for: 2012-11-12 - 2012-11-18
Posted on: Saturday, 10 November 2012 20:44
Short-Term Trend: sideways
GBP is under pressure but the decline from the Sept top is clearly corrective which means it is not likely that this decline is the beginning of a major move lower. Wavewise, I have moved the end of wave (D) (of the Contracting Triangle from the Jan 2009 low) from Jan 2012 low to May 2012 low. If correct, the current decline will find support above the 1.5680 level and another rally twd 1.63 will be seen later this year or early next year.
Strategy: Stand aside.
Next Update: Sun, 11/18/2012.
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