12.05.2010 Gbp/Usd

I updated on my Elliot Wave counts seem we can count five waves down from the 1.687 top, which should put a larger upward corrective move in play. Traders with a Long bias must still be very patient as more downside price action may come in the near future, if the upper resistance line of an Elliott Wave channel, connected from the wave (Red) 2 and 4 top holds.