Tuesday, May 18, 2010

Gbp vs Jpy 1H & Daily

Gbp vs Jpy (1H) - Favourably, I believed we may see another bearish continuation trend scenario either to complete subwave v (aqua) in wave 5 (white) to perform a "bearish trap scenario" or another major bearish continuation trend to complete major wave 5 in magenta. Otherwise, we may see a bullish reversal trend scenario if the "double bottom" pattern in valid.

Gbp vs Jpy (Daily) - Please be noted that a "double bottom" scenario would bolster to the alt counts either in yellow or white. Otherwise, I believed we may see another bearish rally perhaps to re-test the previous bottom (118.82) refering to the alt count in magenta. Good luck.