TECHNICAL ANALYSIS GBPJPY potential reversal UPDATE

Hi All,

The .78 level failed to hold the market, and we did go lower to 162% of the AB leg. I was up for the fall, a little bit sad that my predicted level had failed, but as a trader I know that all my predictions are only predictions NOT FACT until after the event. I cover a lot of how to predict these levels in my course. What this means now is that we are in for a potential ABCD correction upwards, or some form of complex correction going sideways. I have put some date of where to expect a turn in time. If the market does what it often does, we could see a retrace upto one of these levels:
146.181,147.80,150.189. I would expect that correction to be over on or around the 6th of December, so only get interested in these levels as the time approaches. The next move after that could be a down move to around 131.79 or 128.36, again I am interested in these levels close to the 19th of December 2009.

The correction will either be a complex wave form that is hard to predict or a simple ABCD move that we might be able to catch the top to a couple of points. We have to see what the market throws to us next week.

Kind Regards,

Mike Haran

Tagged as:  abcd pattern · forex · Forex Trading · GBPJPY · Support & Resistance · support line · Technical Analysis