Wednesday, October 7, 2009
GBP/USD Working a Triangle, Then Thrust to New Lows; October 7, 2009
The GBP/USD seems to be fulfilling the forecast from yesterday so far in that it's completing a triangle and will eventually thrust to a new low in a wave 5. Triangles and thrusts are finishing moves so a more significant correction will occur after that. That would imply dollar weakness. I'm guessing that-that dollar weakness might translate into a new high for the EUR/USD above 1.4843 where I'll be watching intensely for a top.
Outside of any big reversal move or a new high in the stock market or EUR/USD, I'm sitting and watching......waiting.