GBPUSD: water aspects of crisis

Market Leader informed

Lately Coca-Cola has announced that it is going to stop the production of Malvern Water, which has been enjoyed by royalty for centuries and is the only brand served at the Queen’s castles and palaces. It was enjoyed by Queen Elizabeth I and Queen Victoria as well. Queen Elizabeth II has taken it with her to various trips until recently.
Meanwhile the H2 FZR that was formed by GBPUSD last Tuesday has recently defined the correction against the previous downward wave of level H8. At the moment the bullish correction is more than 50% of the downward wave.

The Department of studying Masterforex-V trading system expects one of the following scenarios:
• Elongation of wave C of level H2 within the scope of the retracement against the H8 wave
• Termination of wave C of level H2 with forming waves 4 and 5 of the given wave level
• Breakout of the mid-term high at 1.6106, i.e. the formation of wave C on D1

• Uptrend reversal with breaking through the MF pivot (1.5720) and Sloping Channel (defending the wave started at 1.5651), which would testify either to a retracement against the wave or to a breakout of its base – an H8 FZR*.
Today’s news (Oct 27th, GMT):
08:00 EU - Euro-Zone M3
12:30 USA - Durable Goods Orders
12:30 USA - Durables Ex Transportation
14:00 USA - New Home Sales
14:30 USA - Crude Oil Inventories

Levels of Support/Resistance:

1.6106 D1 FZR, 376.4%, 200%
1.6053 88.2%, 338.2%, 176.4%
1.5999 76.4%, Oanda’s sell limits
1.5932 61.8%, 238.2%
1.5900 Oanda’s sell limits and buy stops
1.5830 the current price
1.5806 Oanda’s buy limits and sell stops
1.5720 MF pivot
1.5706 Oanda’s buy limits
1.5651 Н8 FZR, Oanda’s buy limits and sell stops
1.5597 111.8%

Text: Alexander Bobrov , an expert of the Department of studying Masterforex-V trading system
--
H8 FZR = Fractal-Zigzag Reversal of H8 level

Full article in Market Leader
You are free to discuss this article here:   forum for traders and investors