Wednesday November 24, 2004 - 00:45:45 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 24th November 2004 Price: ... 1.8691
Resistance: 1.8700 ... 1.8728 ... 1.8751 ... 1.8768
Support....: 1.8649 ... 1.8625 ... 1.8605 ... 1.8570
While 1.8625 supports we look for a test of 1.8751 today followed by consolidation
We feel the wave structure is begining to make more sense with yesterday's break higher from the supporting trend line and we feel there are more gains ahead. Today may well see a pullback to the 1.8625 area but from there we look for further gains to reach 1.8751 and consider this the likely high for today. Thus from 1.8751 we look for a correction lower which we tend to feel will be shallow and last over tomorrow's trading. We consider support between 1.8664-1.8697 as probable stalling points for the correction and for further gains to rally sharply once again to the 1.8890 area.
The sharp rally to new highs in this uptrend and close to the 1.8768 previous high tends to put a more bullish tone to price. However, we feel there will be a selling opportunity on a test of 1.8751 but look to take profit by the 1.8695-00 area. There is chance of seeing a dip to 1.8664 but feel taking profit would be more prudent. Further support is at 1.8637 and only below here would cause an unexpected follow-through lower back to 1.8545-50.
Elliott Wave Comments:
24th November 2004
We have reviewed the longer term structure and have amended our wave count to that shown below. This implies that we are in a rally in Wave [c] or Wave [iii] which has an ultimate target at 1.8890 initially which represents a wave (iii) extension of 261.8% and is where Wave [c] equals Wave a]. Within this we feel a peak at 1.8751 today will complete Wave a of Wave (iii) and should then be followed by a Wave (iv) and Wave (v) to 1.8890.
Please note that the next update will be on Friday morning.
(c) FX-Strategy Inc 2004
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