Technical Analysis Of Financial Market

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#GBPUSD detail 291013 #forex update


The trend of triangle might be ended on this last pattern. The reason are as follow

1. The bullish trend as a double zigzag has already 2 motive, each motive had 500 point although the 2nd motive was 560 but we can assume 60 point was the effect of GAP. We can see below the first motive is just a "C" correction, we didnt counting it, because the correction was on wave 1-2. so the motive counting start above it and divide with correction A-B
2. What is the next trend? Remember October is the last quarter. If we assume this month would be as high so the next month November would be a trend finding low and closing by December might be a correction.
3. What is the next target? look at the picture marked as circle, that target we assume if the next target would be another double zigzag, and the target should on wave 1-2.
4. All the next target still bias, we should confirming by economic calendar and watch out the crossrate of GBP, And usually 2nd marked target is a critical point which also critical for fundamental issue.