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Elliott-Traders

Friday, July 30, 2010

GBP/USD (cable) Short Term Elliott Wave Count


This has been one ugly pair to count let alone trade hence i have refrained from counting it until it has showed some promise

So taking another look at it again, its a scrappy count, but it don't break any rules, although it looks strange in some parts, it now appears to be in the 5th wave from the 22nd Jul lows

There is some very good structural resistance above at 157-15715, if this pair wants to push up higher, but if this count is correct, if should be virtually done & finished

Some Negative Divergences are starting to show at these highs, all that's needed is some proof of a reversal, i suspect that will come if the EUR/USD and DX markets reverse from there current trends

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Statement – being right means nothing if you don’t profit from that call, anyone can make market calls and show analysis of the market, NOT everyone can take the risk and trade the correct trade to make $$$$ You are ALWAYS learning, never under-estimate the market, she has a way of hurting you in the most obscene places Let it be said, traders should trade and use their own judgement and opinions, if you agree or disagree with my analysis of the market then you and you alone will still need to make the choice of putting your money at risk with appropriate stops, i can not be responsible for any losses that come from my analysis. Questions can be e-mailed to: ewavenoufy@yahoo.co.uk

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Disclaimer – The opinions offered in this Blog, are mine and mine alone (with exception to ideas that are credited to others)

The opinions and analysis offered in this website/blog are just my opinions of financial and commodity and FX worldwide markets, and should be considered just that, opinions, I am not a registered financial adviser, or an accredited financial Guru or professional