Sunday, November 25, 2012

EURGBP H&S

On 11/12/12 I posted the following chart in the PipsPositive.com subs area with the following comments.  "11/12/12 - We could have 5 waves up to start the C wave I talked about in the video.  A 61.8% pullback for wave 2 lines up perfectly with today's pivot.  Looking to get long for a move to .8080 - .8100."

As you will see in the coming charts the pair did pull back to the 61.8% and the Daily pivot before bouncing




On 11/14/12 I posted the chart below with the wave count I was looking for and the possible H&S that could be forming.  


11/19/12 I posted the below chart with an alternate count.  Still looking for .8100 to get short but with an alternate count.  


Now, on 11/25 we are sitting in the .8100 area with a nice looking H&S Top and ready for a move lower.  My minimum target is below .7960 with a move below .7754 as my larger target.  I still believe that on a larger degree the pair needs a final 5th wave down and that is the reason for my target below .7754. 



An alternate count is that the move off the lows from July is an A or 1 and we are only going to see a C wave down to below .7960 before a 3 or C up.  This count would fit well with the EURUSD wave count.