As expected from yesterday`s analysis the pound continued to move towards the upside reaching and exceeding the specified target at 1.5734 by 1 pip.
Today we are adding an alternative count, however it should be mentioned that even though both counts point at the same direction for tomorrow`s session, they differ greatly in expectations for where the pound is going to head next.
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As both our wave counts from yesterday expected the Euro continued higher. It did not reach the target specified on the alternate hourly wave count.
We present three hourly wave counts today, two expecting downwards movement while the third expects to see the Euro continue a little higher.
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Today the pound moved towards the downside invalidating both main and alternative counts, before reversing its direction and moving towards the upside.
We have one count today which provides the best fit for today`s price action, alternative counts will be presented once the price action suggests an alternative count.
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The main wave count from our last analysis has been invalidated with further upwards movement making our alternate wave count from yesterday our preferred count today.
It is however still very difficult to determine which wave count is more likely as we are within a corrective structure within pink degree.
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The main hourly wave count from our last analysis was invalidated as the Dollar continued lower.
We present two possible wave counts today. The structure is not as clear as we would like it to be, we do however expect these are the two most likely wave counts.
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Today the pound moved towards the upside exceeding the specified invalidation point, therefore we had to review the structure of wave C purple within wave y orange in light of the recent price action.
The nature of today`s price action has dramatically increased the probabilities of an alternative count which we will discuss in detail shortly.
We should keep in mind that both counts has almost equal probabilities, therefore we will use the main count`s invalidation point to confirm the alternative count.
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