UK bankruptcy inevitable and is now called with timing clarity. The CALL is being made today, August 9, 2010. To the best of my knowledge nobody else has made this call. I made the call way back in 2009, but the timing element was difficult at that time so only a monthly/quarterly chart was provided. But now I can time this thing on the Daily chart. And here it is: When the current ongoing GBPUSD daily chart rally ends, wherever that might be, the crash wave begins. When it begins there might be a period of "steam" and "pressure" wherein bs, coverups and lies abound. But then the whole thing will come apart at the seams. This will be BEAR's full-throttle thrust. There will be no mercy and no mistaking it for some stupid "buy the dip" - expect a concomitant bullmarket in the undertaking business. The crash wave down is none other than the magnificent 3rd wave. Fasten seatbelts. Its going to get mean. All evidence of the original CALL made in 2009 located here .... http://www.elitetrader.com/vb/showthread.php?s=&threadid=168825 http://www.elitetrader.com/vb/showthread.php?s=&threadid=179613&highlight=lambda http://www.elitetrader.com/vb/showthread.php?s=&threadid=179167&highlight=DX --------------------------------- Pound sterling vs US Dollar = GBPUSD weekly chart shown below. And yes I can tell a whole heck of alot about a country just by watching my buddy, the USD. I told you clowns he was not to be underestimated; the heart of a champion, he has. Uploaded with ImageShack.us
Somehow these statements seem to apply: a stopped clock is right twice a day... even a blind chicken finds a worm now and then...
GBPUSD daily arriving soon at the 200-day m.a. and the uptrendline. Once below these supports my call goes into acceleration mode.
200-day m.a. support is busted, but will give it a few more days to see if we get further down and/or retest of the 200 and rejection. If we get a solid rejection and acceleration southbound, that is when I would expect to hear some shit out of the UK in line with my thread call and stance.
Unfortunately for you, Redeker from BNP Paribas made this bearish GBP call weeks ago. Redeker is well known as a contra indicator when he appears on CNBC Europe to talk his book...