Article By RoboForex.com
Analysis for December 17th, 2014
In our previous review, “The start of the trend reversal. Wave analysis of GBP/LPY for 09.12.2014”, we discussed one of the possible scenario how the price may finish an ascending wave [v] of 5 of (1) and start a descending correction (2).
If the assumption about the completion of an ascending impulse (1) is correct, then the pair is expected to start a large descending correction (2), maybe in the form of zigzag.
Probably, the market has started forming a descending correction (2), the form of which isn’t quite clear yet. Possibly, at the moment, the price is finishing a descending impulse [i] of A of (2). If this assumption is correct, then after an ascending correction [ii] of A of (2), the downtrend may continue inside impulse [iii] of A of (2).
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
