- March 10, 2010
- Posted by: Ramki Ramakrishnan
- Category: GBP
As discussed earlier, we will never know in advance when and where an extension will finish. We can only guess! Yesterday we got the first recovery to 1.5015 area without a problem (that was shown as point “A” in the chart of yesterday). However, the picture changed later on, and we have to relabel the counts. I could still be wrong, but this is essentially how one uses Elliott Wave in practice. Take a look at these charts. I am still counting the 3rd wave as having finished at the original position. This could itself be wrong, and we could have seen an extended third wave instead of an extended 5th. Irrsepective of which is the correct count, one thing is certain. Once a 5 wave movement is completed, we need to see a correction of the whole set of 5 waves, and even a 50% recovery will take us to around 1.5030, not too far off from the 1.5065 level we have been looking for. Enjoy.