Elliot Wave Signal 16 September 2007

GBP/USD


GBP/USD Elliottwave Signal :-

TimeFrame = 4Hrs (Short-Medium Term Trade)

Signal = Limit Buy signal at 2.0000-2.0040 area.

Risk Reward Ratio = 4.X

Target for first Submicro New Wave Cycle at 2.0320 area.

Stops at 1.9940 area.

Great Britain Pound Elliott wave Analysis :-

If anyone follow our Previous Elliott Wave GBP/USD it would be a profit of 200 pips till last friday.Congratulation for those who get their green pips.

Back to our analysis , We are still holding our last count which current down move is near end where most important support is seeing just few pips below market price.That is between 61.8% (1.9930) and 50% (2.0000) of fibonacci retracement.

If market failed to break this support then a test of previous high would be our next target.Our first target is 2.0320 area.

If GBP/USD bypass important support at 1.9920 area then major down trend will be build.Target for this move is previous month low.

Below is an illustrated count from our elliott wave signal :




Previous Signals >


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