The nature of the bounce from the most recent lows — time-wise — dictates a small shuffling of labels, nonetheless, that modification does not change our longer-term bearish outlook. It would take a push above the main hourly count’s invalidation point to lean toward the …
Month: October 2018
Despite defying the main count and continuing further down to test the previous low at 1.1300, the movement of the euro still looks largely corrective. Therefore, I’m still in favor of a very nearby bullish reversal.
The euro continued to decline and almost touched the recently-established hourly low at 1.1335. After everything that happened over the past two weeks, I think we have good evidence to change our count, skipping a small segment in its middle phase and going straight to …
Cable continued to score lower lows, reaching and exceeding both cited levels. If the main hourly count is on track, downward movement should prove limited before giving way to a sideways corrective bounce.
Very little has changed throughout the day, which leaves our count from yesterday exactly the same.
The sideways price action adds little to the overall picture. We continue to track the smaller degree impulse toward the downside.
After a 20-pip decline below the previous support, the euro seems to be picking up speed toward the upside. The confirmation point of the main count hasn’t been reached yet, but it seems to be just a matter of time.
We continue to look for lower to complete the impulse decline that we have been tracking. Have a great weekend!
As expected the euro moved toward the downside, reached both of our targets, and exceeded the second target so far by 3 pips.
Cable extended its decline, supporting the bearish interpretation and that cited levels are yet to be reached, therefore, I am tightening the invalidation point accordingly.