Article By RoboForex.com
Analysis for December 9th, 2014
In our previous review, “Finishing strokes. Wave analysis of GBP/LPY for 26.11.2014”, we discussed one of the possible scenario how the price may finish an ascending wave [v] of 5 of (1).
By now, the final ascending impulse 5 of (1) has fulfilled the minimum requirements to the fifth waves: it contains all major waves and corresponds to the predicted proportions inside impulse (1), which means that the pair may have already completed impulse (1). If this assumption is confirmed, then later the market is expected to reverse downwards and start falling inside a large correction (2), may be in the form of zigzag.
Indeed, the chart structure implies that the price has completed impulse 5 of (1). If this assumption is correct, then the market is expected to finish the ascending trend and start forming the descending one inside correction (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.
