Sunday 25 April 2010

Whatever happened to that triangle in GBPEUR?

It left it until the last possible moment to turn is what. I don't have a copy of the Elliott Wave Principle to hand, but I'm fairly sure that the pattern is invalidated if wave e goes beyond the high of wave c; the high on Friday was a mere 7bps from doing so, but then went on to paint a massive bearish engulfing candle.

I wouldn't be surprised to see this one gap down at the open tonight.

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