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.


Gustavo said...

Estimated Todd:

Thank you for share your vision of the market.
Always is very interesting to me.
My style is to trade generally intraday, but I hope the dollar index don't will go this low.
In my opinion there are currently one top in the AUD/USD, NDZ/USD, GBP/USD, EUR/USD and the floor in USD/CHF. This values don't will be revisited; if not I will be very surprised.
Will see.

Todd S said...

Thank you. If you have charts feel free to email them to me if you want. I'd love to see them.