afarghaly9
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A Case for a EUR/GBP imp-well at least a deep retracement of the 2010-2011 advance-plosion
It is evident that we have a 3 wave advance from the 2001 lows, they make good candidates for a 1-2-3 (possibly an A-B-C) the price action that followed is interesting we have one clearcut initial corrective pattern, what followed is subject to debate.
Here are the 2 counts:
COUNT A
COUNT B
Interms of count A we are terminating a running flat correction with an ending diagonal wave C which sould lead to a new low in terms of (W)
As for Count B we should expect a deep retracement of this leading diagonal atleast a 50 percent retracement of the action post the wave 4 low is a conservative target for shorts in this case. which is over 500pips from current price on a 2 for 1 currency pair![Smile :) :)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Happy Trading
Ahmed Farghaly
EDIT: Possibility of a wave W followed by a triangle wave X followed by a wave Y decline to the june 2010 lows. Possible in this case that would make the decline A/4 the subsequent leading diagonal is a 1/A still means a sharp decline for 2/B ;-)
It is evident that we have a 3 wave advance from the 2001 lows, they make good candidates for a 1-2-3 (possibly an A-B-C) the price action that followed is interesting we have one clearcut initial corrective pattern, what followed is subject to debate.
Here are the 2 counts:
COUNT A
![EURGBP+-+Primary+Analysis+-+Jul-03+2255+PM+%25281+week%2529.png](/proxy.php?image=http%3A%2F%2F2.bp.blogspot.com%2F-I9QftkxHQkQ%2FThEDMmAp7uI%2FAAAAAAAAAPQ%2FMix3nYE8ga4%2Fs1600%2FEURGBP%2B-%2BPrimary%2BAnalysis%2B-%2BJul-03%2B2255%2BPM%2B%2525281%2Bweek%252529.png&hash=c5ca190b8c0aa163974fb3e482b1d58b)
COUNT B
![EURGBP+-+Primary+Analysis+-+Jul-03+2235+PM+%25281+week%2529.png](/proxy.php?image=http%3A%2F%2F3.bp.blogspot.com%2F-JfoXVn8ykFM%2FThEC05UZx6I%2FAAAAAAAAAPM%2FyY_KByr2Bi4%2Fs1600%2FEURGBP%2B-%2BPrimary%2BAnalysis%2B-%2BJul-03%2B2235%2BPM%2B%2525281%2Bweek%252529.png&hash=6d74ee9ceecdcc0e1d34cff1cc08671a)
Interms of count A we are terminating a running flat correction with an ending diagonal wave C which sould lead to a new low in terms of (W)
As for Count B we should expect a deep retracement of this leading diagonal atleast a 50 percent retracement of the action post the wave 4 low is a conservative target for shorts in this case. which is over 500pips from current price on a 2 for 1 currency pair
Happy Trading
Ahmed Farghaly
EDIT: Possibility of a wave W followed by a triangle wave X followed by a wave Y decline to the june 2010 lows. Possible in this case that would make the decline A/4 the subsequent leading diagonal is a 1/A still means a sharp decline for 2/B ;-)