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British Pound Trades above 16000
Written by article default Thursday, 07 October 2010 10:34
Bigger picture - “I am of the mind that a large triangle is underway since the January 2009 low. The implications are bullish over the next few months (allowing for a correction over the next several weeks down to 15450-15500), with triangle wave C working towards 16500 before a reversal and multi month decline in triangle wave d.” Near term, the trend must be considered up until a break below the channel that has held since early September. Coming below there would shift focus to 15670-15735 and then 15500/40.
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