GBPUSD Monthly Wave Analysis for September, 2012 - Forex Analysis for September, 2012
A global horizontal correction has been taking place over the last 20 years. The correction is taking the form of a possible divergent horizontal triangle [X] of x with wave (E) of [X] of x inside, which probably hasn’t been completed yet.
We may assume that rapid descending movement from 2.05 to 1.35 forced the price to form a reduced fifth wave [v] of A of (E) of [X], and the entire descending movement is the first part of a possible zigzag A-B-C of (E) of [X]. If the assumption is correct, the pair will continue moving upwards without breaking the closest critical level. Zigzag B may be completed near 1.7 or a bit higher, where there is a strong resistance level.
We can’t exclude a possibility that the correction [b] of B has been finished in the form of flat with diagonal triangle (c) of [b] inside. If it’s true, we can expect the ascending trend to continue with wave [c]of B, which started with wedge (i) inside it.
Source: RoboForex
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