Forex Market Commentary May 03rd 2011

Forex Market Commentary—There is a common consolidation among most currency pairs waiting for a confirmation above previous highs for a wave 5 of to break below previous lows for a wave 3 of a wave C. Caution is advised in a potential Bull and Bear Trap market condition. Sideways ranging is due to barriers on upper time frames forcing lower time frame price action to range sideways for a longer period of time, also causing more challenging reading of Elliott Wave count alternates.

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