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#513 (permalink)

09-12-2007, 09:51 AM

italm31

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Join Date: Jul 2007

Posts: 1,592

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Quote:

Originally Posted by italm31

Heads up on the GBP/USD. the break below 2.0285 in the initial signal that we are headed lower. It looks like we have a diagonal (see 4 hour chart) where we may have topped 2.0358 with a truncated wave 5. The diagonal started at 2.0041.

GBP/USD 15 min chart, one more low would signify a 5 wave decline. 2.0285 has support has not been broken yet but prices are hanging out near he lows. (typical of wave 4s). Be interesting to see at 12 if the pair closes below the lower trend line of the diagonal.

Last edited by italm31; 09-12-2007 at 10:03 AM..

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