As expected the pound continued to move towards the upside reaching the first specified target and reversed its direction near the middle of the specified target range.
Today we have an alternative count which has much lower probabilities but it is technically possible.
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The hourly wave count from our last analysis was invalidated and we did not have an alternate wave count at that stage. The downwards movement we have seen today has cleared up the structure we believe and we are able to provide a main and alternate count today.
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The Dollar continued lower as our main wave count from our last analysis expected. The alternate hourly wave count was invalidated providing us with more confidence in the main wave count.
We may have seen a trend change today. Our main wave expects to see the down trend continue while the alternate expects further upwards movement.
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Today the pound moved towards the upside reaching and exceeding the specified target by 8 pips, but not before moving towards the downside indicating that wave iv orange unfolded as a double combination.
We have one count today and we will add an alternative count once the price action suggests an alternative count.
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The main hourly was invalidated as our alternate hourly was confirmed and the Euro continued higher as expected.
We continue with the alternate wave count from yesterday as our main for today and we are unable to see a valid alternate that would see the Euro move lower. As usual we will keep looking for possibilities as the structure develop further and publish any updates.
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Today the pound moved towards the downside reaching the specified target and then moved below both counts invalidation points and a modification on the hourly count was in order.
Each count today has a target at a different direction therefore we will use each count invalidation point to confirm the other count.
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