British Pound Technical Outlook.Summary: The advance from 1.7443 is in 3 waves but probably only the first leg of a larger correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. . I favor this scenario A scenario (from Italian, that which is pinned to the scenery) is a synthetic description of an event or series of actions and events. In the Commedia dell'arte because the breakdown that led to the... The advance from 1.7443 is in 3 waves but probably only the first leg of a larger correction. I favor this scenario because the breakdown that led to the decline to 1.7443 was from a triangle triangle, in mathematics triangle, in mathematics, plane figure bounded by three straight lines, the sides, which intersect at three points called the vertices. Any one of the sides may be considered the base of the triangle. . Breaks from triangles often lead to a retracement Retracement A reversal in the movement of a stock's price, countering the prevailing trend.  Notes: An example might be market risk causing a stock's price to pull back. that brings price back to the center of the triangle (at least). In this case, the center of the triangle is near the 61.8% of the entire decline from 2.1160; at 1.9658. 1.7904 is the 61.8% of the rally from 1.7443 and may provide support that leads to a bottom in wave X. It is possible that bottom is in place at 1.7955. [c] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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