Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Tuesday 19 February 2013

GBPUSD: big picture

Just another quick look at the daily chart and yearly My-wave. The SMi is oversold and we have an acceptable EW count on the earlier charts to follow any daily My-Wave back up. The light blue line is the monthly Displaced trend and its peak sits at the 85.4% speedline (dashed blue) and the 50-61.8% retracement zone. This is a strong initial target for price action and of interest to me in discerning which of the two 'big' counts may be right, is the reaction to the latest decline, especially in that area. Still 400+ pips away, so looking forward to getting as many of those if not more with repeating trades, before having to assess what comes after. Just need to be careful there is not another decline coming first!
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