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GBPUSD 2nd July, 2015

Cable unfolded as expected towards the downside and the first target was reached and exceeded by 9 pips before reversing directions and moving upwards.

Today`s main hourly count expects Cable to finish its sideways movement before continuing towards the downside, while the alternate hourly count expects Cable to move towards the upside to complete a corrective structure.

The alternate daily count is presented to keep track of the mid-term picture and it does not provide us with any short term significance.

For those new with us, we use confirmations points to determine the highly probable count. So, once Cable unfold below the main count`s confirmation point then the main count becomes the highly probable count. The same applies to the alternate hourly count, once Cable unfold above the alternate hourly count`s confirmation point, then the alternate hourly count becomes the highly probable count. This way we let price action decide for us which count is the highly probable count instead of forcing our view on Cable.

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EURUSD 2nd July, 2015

The market saw absolutely no change today, except for a slow 88-pip climb, which somewhat supports our view, but isn’t enough to confirm it yet. Other than that, our analysis from yesterday remains exactly the same.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

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GBPUSD 1st July, 2015

Cable finally broke free from its range bound trading and confirmed the alternate count reaching and exceeding both first and second targets.

As we discussed in yesterday`s daily count section, further declines lower the probabilities of a fourth wave being underway because of the skewed time relationship between waves ii and iv pink -1 day for wave ii pink and 9 days for wave iv pink-.

Coupled with daily MACD readings; It is likely that wave C blue and therefore wave (2) black are complete. Therefore we modified the main count and this count expects downwards movement and as always we will let price action decide for us which count is the highly probable count.

Today`s alternate count is presented on the daily chart for clarification purposes and it is considered an alternate count as it lack the support of classical technical analysis tools as we will soon discuss.

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EURUSD 1st July, 2015

As expected the euro continued moving towards the downside, reached our first target at 1.1078, and so far has come 9 pips short of reaching our second target. The pattern now looks mature enough to be complete, and so we should be on the lookout for a short-term price reversal.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

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GBPUSD 30th June, 2015

Cable continued its consolidation. Locked in a sideways movement, leaving both hourly counts valid.

We should remain focused and we should time our entry. We all know the effects of trader`s itchy trigger finger. For those new with us, having itchy trigger finger is when a trader jump into the market too soon just because of boredom and to feel the rush of trading when the market is not ready for him and end up losing money as the market keeps consolidating with no significant trend.

We are updating both main and alternate counts according to the latest price action and as always we will wait for either count`s confirmation point to be reached to determine the highly probable count.

P.S.: It is worth noting that we are continuing to use 2 hours chart for both main and alternate hourly counts.

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EURUSD 30th June, 2015

As expected the euro moved towards the downside, reached our first target at 1.1154 and exceeded it by 42 pips, and is yet to reach our second target. Whether or not this decline ended is the topic of today’s analysis.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

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GBPUSD 29th June, 2015

Cable is facing a tough week and it is not getting any easier. The recent upwards movement confirmed the alternate count and target is only 12 pips away.

Monday`s upwards movement is clearly in a three wave structure which leaves us with two possibilities, either completing the first leg within an ending diagonal or completing the last leg within a double combination. We will discuss both possibilities in detail shortly and see how that would affect Cable`s movement and how to place ourselves to benefit from such behavior.

We are updating the main count according to the latest price action and as well adding an alternate count which expects Cable to reverse directions and move towards the downside.

P.S.: It is worth noting that we are continuing to use 2 hours chart for both main and alternate hourly counts.

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EURUSD 29th June, 2015

In a surprising turn of events, and despite all the negative “news”, the euro had a very good day as price rallied for well over 300 pips.

The extent of this rally means that we should probably see a few days of correction. This can take the form of a sideways consolidation or a more volatile pattern (possibly a zigzag).

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

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GBPUSD 26th June, 2015

Cable unfolded towards the downside as expected with a gap and we will discuss the implication of such a gap from an Elliott Wave perspective at the end of today`s analysis.

Cable is yet to reach the main hourly count`s target. It is worth noting that the main count`s hourly target for today does not provide us with a practical trading opportunity; specially since the main count expects that Cable is close to a reversal point.

We are updating the main count according to the latest price action and as well adding an alternate count which expects Cable to unfold upwards.

P.S.: It is worth noting that both main and alternate hourly counts are presented on 2-hours chart for clarification purposes.

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