Awaiting one more high to sell Short

British Pound/U.S. DollarFXCM

Description

⋅ May 25, 2014 6:12 PM

The upside in this pair is limted in my opinion.
Will look to sell 1.7050/100 with a stop loss above 1.7200.
Target is open.

Alt. view would be a WXYZ:

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Comments

dojitrader

⋅ May 25, 2014 6:56 PM

Does your alternate view also allow for one more new high
or that the price high has been reached and it's all down
form here ?
Thanks for your thoughts and wishing you a great week !

traderWgun

⋅ May 25, 2014 7:37 PM

yes it does allow for another high, but the current structure favors the ending diagonal idea. Note that the ED could be a leading diagonal wave a with in wave Z, only a clean 5 wave decline would confirm a top is in place.