Forex Market Commentary May 05th 2011

Forex Market Commentary—We are now in the wave 4 following the wave 3 that was spoken of in yesterday’s Market Commentary. Now the challenge will be to determine the depth of the wave C of this wave 4 on the GBP/USD. EUR/USD is likely in a complex corrective sideways ranging pattern. I may be about to complete a second X-wave and reverse for the third a,b,c down turn before resuming its general up-trend. JPY cross currency pairs are in their wave 4 and soon 5 of a C wave or a wave 1. We are waiting for final conformations to make that determination. USD/CHF is about to finish a wave 5 downward and then turn back up-ward, opposite the EUR/USD and GBP/USD pairs. USD/CAD and USD/JPY are correlated with the USD/CHF for now.

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