Archives for March 2014

As mentioned in yesterday`s analysis, the difference between both counts was within wave 4 purple, so both counts anticipated an upwards motive wave to complete wave a orange and that is what happened today. The pound unfolded as the main count expected towards the downside in a corrective manner before reversing directions and move towards the upside, however the pound fell short of the specified target by 20 pips and wave 5 purple exceeded the alternate count`s target by 6 pips. We have one count today and this count expects the pound to unfold towards the downside in a corrective manner either as a zigzag or -less likely- as a regular/expanded flat correction. We should pay extra attention to the placement of the invalidation point as it should be moved to the end of wave (2) aqua once the confirmation point is reached. Read More

On ًFriday`s session the pound unfolded towards the upside confirming the alternate count and the specified target was reached to the pip. It is worth mentioning that the specified target did not provide us with a great trading opportunity and that the pound has been trading in a tight range. We are modifying both main and alternate counts according to the latest price action adding tight invalidation points and targets. As always we will wait for either count`s confirmation point to be reached to determine the highly probable count. Read More

On ًThursday`s session the pound started the day by moving towards the downside before moving towards the upside confirming the alternate count and the specified target was reached and exceeded. The main count expects the pound to move towards the downside in a corrective manner, while the alternate count expects the pound to continue moving towards the upside. As always we will be using each count`s invalidation point to confirm the other count keeping in mind that both counts have almost equal probabilities. P.S.: We witnessed a minor -yet critical- data conflict amongst data providers with a couple of pips difference, this conflict is critical because in one version the alternate count`s invalidation point was reached prior to reversing directions confirming it and in the other version the alternate count remained intact. Read More

On ًWednesday`s session the pound unfolded towards the upside confirming the alternate count and the specified target was reached and the pound continued towards the upside invalidating the alternate count. We are updating the wave degree labeling for the main count and it is worth mentioning that the recent upwards movement can be interpreted in more than one way and we will be focusing today on two interpretations as we will soon discuss. Read More

On ًTuesday`s session the pound unfolded towards the upside confirming the alternate count and the pound fell short of the specified target by 13 pips and it continued trading near its highs. We are updating the main count according to the latest price action and it is worth mentioning that today`s MACD readings add confidence to the main count`s view as we will soon discuss. We are adding tight confirmation and invalidation points for both main and alternate counts and we will use each count`s invalidation point to confirm the other count. Read More