After topping at 98.03 (wave 3) on the last trading day 2008 (30. Decmber 2008) EUR/GBP has been in a long sideways correction. The question is, if this is a triangle or a complex double or maybe triple correction?
I do favor the Triangle concept. First triangles are common in wave 4, they tell us, that we will have one more thurst in direction of the main trend and then a important long term top or bottom. In this case a top.
If my assumption is correct then we can expect a move closer to the 91.60 area as legg D in the triangle calling for legg E down. Only a break above 94.12 (legg B) will aborte the triangle look making the complex double correction the favored count.
Non the less ultimately we should see one more rally above the top of wave 3 at 98.03 for a move closer to par (100.00) in wave 5.
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