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Introduction
Price movement, supposed in Monthly-0507 was forming in accordance with the forecast. For the results refer to Figure G1.
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Figure G1. Final daily chart of the forecast for May 2007.
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For illustrative purposes schematic forecast of GBP movement a month ago is given in the chart.
Current variant of wave counting
For survey wave counting of GBP in large time frames refer to Annual-07 and Check Point, Intermediate Results and Nearest Perspectives.
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Figure G2. Wave counting on 480 min chart.
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Supposedly the trend reversed in favor of the dollar at the second half of April 2007. Downward movement which has assumed the shape of the wedge (a) is a weighty argument in favor of this supposition. It is quite logic to expect at least one more downward impulse (or diagonal triangle) (c) after correction (b) completes.
If the supposition is correct till the end of the next week the price will be finishing correction (b), which may assume the shape of the zigzag, then the price will keep falling.
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Figure G3. Wave counting on daily chart.
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Endings of waves (a) of [w] of (C), (b) of [y] of Y of (B) and [x] of Y of (B) are the confirmatory levels. Ending of wave (B)? is the critical levels.
The type of the pattern of the global corrective wave [B] and forecast of the point of its completion will depend on the shape the price chooses for the downward wave (C)? of [B]. Now several equally probable variants (see Annual-07) are under consideration.
If the price rises above the critical level I will have to pass to one of the alternate scenarios, described earlier in Section «Wave Analysis».
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
June 2, 2007 (14:00 Moscow time)
When using any part of the article for publication or analytical materials reference to the author and Alpari Ltd. is obligatory.
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