Steve Griffiths
05-16-2006, 01:37 PM
Hi Everybody,
There has been some talk on some other threads on the longer term position of the Pound, so I thought I would take a look at the weekly chart.
As you can see below, we have been comming off a very stong weekly low of Nov 2005 where a 5 wave decline stopped right at the Typical Wave 5 WPT (nice to see MTP calling the bottom perfectly :) ).
As you all know, the next target should be a rally into the Wave 1orA WPT (this is covered in the Trading Course), well guess what - this is exactly what unfolded ! As such this recent strong rally should have come as no surprise...............
So where now ? Well probably a decline or at least a consolidation at the current WPT resistance level.
Steve
There has been some talk on some other threads on the longer term position of the Pound, so I thought I would take a look at the weekly chart.
As you can see below, we have been comming off a very stong weekly low of Nov 2005 where a 5 wave decline stopped right at the Typical Wave 5 WPT (nice to see MTP calling the bottom perfectly :) ).
As you all know, the next target should be a rally into the Wave 1orA WPT (this is covered in the Trading Course), well guess what - this is exactly what unfolded ! As such this recent strong rally should have come as no surprise...............
So where now ? Well probably a decline or at least a consolidation at the current WPT resistance level.
Steve