Hi
Since there was not much action with the EURUSD yesterday, I took a look on GBPUSD.
At first glance on a weekly chart it looks very similar with EURUSD Chart (especially from 2004).
Target zone for the Supercycle wave (II) as difined by time and price:
1.8319-1.6266 / 21 jul 2005<>11 apr 2007
target zone for Cycle wave c 1.8557-1.7713 / 28 Mar 2005<> 6 May 2005
As you see the wave c has extended well beyond it's target price and time and now touches the border of the time zone. It could either end the wave (II) or it could end W first leg of the wave (II). If so, then the next leg X can be any corrective pattern and must retrace wave W at least 20% but should most probably retrace 38.2% of the wave W and not exceed 10 times of the time taken to finish wave W. To hold this view (upward bias), the 1.728 shoud hold in near term.
ID
Picture is downgraded below acceptable
but since is quite a long term chart I'll just point to what somehow does not appear on the chart at all (I did not kept the original sorry). And that's the "I" for the first wave just above the "5" and the "II" the first low after "I" and at the very top is "V and (I)".
Hopfully I'l develop a routine with publishing charts with best size to quality ratio.
