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British Pound Short Term Impulsive Decline

British Pound Short Term Impulsive Decline

2011-03-24 15:09:00
Jsaettele,
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Impulsive Decline

Prepared by Jamie Saettele

On the daily, focus remains on the 2010 high at 16457. There is also a measured objective at 16621 (61.8% extension of the 14230-16299 rally). Continued strength opens up the possibility of a large flat that exceeds 17042 but COT positioning has me looking for a top before then and therefore favoring a triangle from the 2009 low. It is possible that a top is in place now as the decline from the top can be counted as a 5 wave drop. Near term, expect a rebound to at least 16218-16272.

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