Today the pound moved towards the downside reaching and exceeding the specified target, and in the process confirming the main count and invalidating the alternative count.

Today we have two counts, both counts expect the same behavior from the pound for tomorrow`s session but right after reaching their goal each count will point at a direction as we will discuss shortly.

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The pound behaved as expected and today we have tight invalidation points for both main and alternative counts as they point at opposite directions.

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On Friday`s session the pound moved towards the upside while the main count expected that it would reverse its direction and move towards the downside, both main and alternative counts remain valid since the pound failed to reach either invalidation point.

We will use each count`s invalidation point as a confirmation for the other count.

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Yesterday`s three counts expected upwards movement from the pound but they varied in expectations and targets.

Today the pound behaved as expected reaching the main count target, continued towards the upside invalidating the main count and reaching the second specified target of the first alternative count and exceeding it by 1 pip.

We are adjusting the subdivisions within wave (i) green, and we will not discuss yesterday`s first alternative count since yesterday`s first alternative count and today`s main count expect the pound to unfold in the same direction.

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Today the pound traded in a tight range and it was not that profitable from a trading perspective, but from an analytical point of view the pound reversed its direction from the middle of the specified target zone and kept moving in a sideways manner.

We updated both main and alternative counts according to the latest price action, and we added a second alternative count because of the overlapping nature of the downwards movement we have seen so far.

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As expected from yesterday`s analysis, the pound continued to move towards the downside reaching and moving below the specified target at 1.5667 by 22 pips.

We noticed two points regarding The nature of the pound`s downwards movement:

1- The downwards movement so far has been overlapping in nature, which suggests a diagonal of sorts. The alternative count keeps that possibility in mind.

2- The subdivisions within wave 3 purple of wave iii orange on the main hourly chart do not provide the best fit from an aesthetic point of view but they break no Elliott rules therefore they are technically valid.

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