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Hi RT's,
I see the Dec. British Pound ending it's correction here, and beginning a
sharp 3 week rally to 16900.
My analysis:
Cycle bottom due Nov. 5-8. Cycle top due Nov. 26-29.
Terminal weekly swing bottom on July 9, 1999 at 15496. Penultimate weekly
swing top on June 11, 1999 at 16198.
Weekly swing target = 16198 + (16198 - 15496), = 16900.
Terminal daily swing bottom on Nov. 8, 1999 at 16144. Penultimate daily
swing top on Nov. 3, 1999 at 16520.
Daily swing target = 16520 + (16520 - 16150), = 16896.
Bull market retracement:
Terminal swing bottom on July 9, 1999 at 15496. Terminal swing top on Oct.
21, 1999 at 16798.
Correction target = 50% x (16798 - 15496), = 16147.
I always enter and exit 1 tick before my targets, and also 1 tick before
round numbers.
I placed a buy order at 16152. The low on Friday was 16150, and today at
16144, and as a result, I'm long.
My stop for the moment is at 15984, and I plan to raise it in the near
future.
The cycle analysis is my own derivation, but loosely based on Welles
Wilder's Delta Phenomenon.
Comments welcome.
Warren Goldstein
Commodity Trading Advisor (registration pending).
Email: wsg@xxxxxxxxxxxxxxxxxx
Website: www.wsginvestments.com
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