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EURUSD 28th July, 2015

As expected the euro started moving towards the downside. Needless to say, it’s way too early for price to reach our targets from yesterday, but at least it’s a good sign that it’s moving in the expected direction.

Today we’ll probably see a temporary pause in the new downtrend. But unless something drastic happens, we need to remember that the larger trend is still downwards.

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 27th July, 2015

Cable unfolded as expected under the alternate count and targets were reached and exceeded by less than 2 pips before reversing directions and moving downwards.

We are updating the main count according to the latest price action and as well adding an alternate count which expects Cable to continue moving upwards to complete a larger corrective structure.

It is worth mentioning that today`s alternate count is presented on a 6-hours chart for clarifications purposes to be able to view the whole corrective structure which was not possible on an hourly or 2-hours chart.

For those new with us, we will wait for either count`s confirmation point to be reached to determine the highly probable count.

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EURUSD 27th July, 2015

As expected the euro moved towards the upside, reached our first target at 1.1054, and came only 5 pips short of reaching our second target at 1.1134.

All the technical aspects on the hourly chart – including Elliott wave patterns, Fibonacci levels, and momentum – suggest that the corrective pattern is complete or very near completion. So the time has come for us to prepare for a strong resumption of the previous trend.

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 24th July, 2015

Cable continued unfolding downwards inline with the main count`s view reaching and exceeding the first target by 4 pips before reversing directions and moving upwards in a corrective manner.

We are modifying the subdivisions within wave i orange according to the latest price action and as well adding an alternate count which expects Cable to continue moving upwards in a corrective manner.

For those new with us, we will wait for either count`s confirmation point to be reached to determine the highly probable count.

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EURUSD 24th July, 2015

While the euro moved as expected towards the downside over the day, it fell short of reaching our targets and, in fact, both price and momentum seem to be reversing towards the upside.

This makes it more logical for us to label the count as a combination rather than a flat. And while it’s possible for price to continue moving lower for another little while, the bigger picture suggests that we should see another rally to complete the combination sooner or later.

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 23rd July, 2015

On Thursday`s session Cable had quite an exciting day by continuing towards the upside almost touching the main count`s invalidation point before sharply reversing directions and moving downwards to exceed the first target by 2 pips.

We are modifying the subdivisions within wave iii pink according to the latest price action and as well adding an alternate count which expects Cable to reverse directions and unfold upwards in a corrective manner.

As far as Japanese candlesticks patterns go, on the daily chart Cable formed a “bearish engulfing” pattern which is a strong bearish candlestick as today`s candlestick exceeded the previous candle`s high before moving downwards moving below the previous candle`s low.

For those new with us, we will wait for either count`s confirmation point to be reached to determine the highly probable count.

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EURUSD 23rd July, 2015

As expected the euro moved towards the upside, and so far it’s come 11 pips short of reaching our first target.

The recent upwards correction is still very brief in comparison to the downwards impulse that came before it. This isn’t too unusual after the end of a triangle, but I’d rather wait for some solid confirmation that it’s actually complete before we fully return our attention to the downside.

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

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EURUSD 22nd July, 2015

As expected the euro moved towards the downside, reached both of our targets, and exceeded them by 21 pips.

Nonetheless, the subdivisions within the most recent move, as well as the general nature and Fibonacci relationship between the waves, suggest that a small modification is in order – which will be our focus for today.

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 22nd July, 2015

Cable traded in a tight range leaving both counts valid. We are updating both counts according to the latest price action and the main count expects that a second wave is mature and Cable is about to reverse directions and move downwards within a third wave impulse, while the alternate count expects Cable to continue moving upwards in a three wave structure within an ending diagonal.

As always we will wait for either count`s confirmation point to determine the highly probable count. Initial confirmation points slightly increase the probabilities of a given count while final confirmation points provide us with dramatically increased confidence in a given count.

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GBPUSD 21st July, 2015

Cable unfolded in a three wave structure making a new low proving that the diagonal scenario was correct, however Cable fell short of the specified target by 3 pips before reversing directions and moving upwards.

We are updating the main count according to the latest price action and the main count expects that a second wave is almost mature and Cable is about to reverse directions and move downwards in an impulsive manner, while the alternate count expects Cable to continue moving upwards in a three wave structure within an ending diagonal.

For those new with us, to gain high confidence in a given count we wait for either count`s confirmation point to be reached, that confirmation point determines the highly probable count.

[View Wave Counts & Charts…]