GBPUSD

Posted on Thursday, March 25th, 2010 at 5:48 pm.

The GBPUSD has just completed the 4th wave of the Elliot Wave Theory. As of now I am waiting for confirmation that the 5th wave is beginning and will be taking this pair short to around 1.46 even. I have already taken several positions on this one and am awaiting a retest of the daily pivot point before getting in at around 1.4882. I will then be looking for just under 300 pips for a profit target on that position not to mention multiple positions along the way, looking to bank in over 1000 pips on this Currency move.