Archives for February 2019
After managing to exceed the latest high by a measly 15 pips, the euro immediately dropped to retrace all of the day's advance, and then continue even below the trading range of the day before.
On the daily chart, this is represented by a candlestick that's both a bearish engulfing pattern *and* almost a gravestone doji.
Again, I find myself having to repeat that our most recent count is probably the most fitting one: the underlying weakness of the rally and the general tendency of our current wave count strongly suggest that a sizable decline shouldn’t be too far away now.
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GBPUSD 27th February, 2019
Cable climbed to a higher high in line with the idea that a top has yet to be registered. We will continue to look for higher highs as long as Cable remains above the main hourly count's invalidation point.
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EURUSD 27th February, 2019
The euro is clearly having quite a bit of trouble trying to pierce through the trend-line support, established by the rising swings of the current corrective advance. On the other hand, price barely managed to poke above the mid-line of the channel, let alone come close to its upper trend-line.
All in all, I still find our most recent count to be the most fitting one: the underlying weakness of the rally and the general tendency of our current wave count strongly suggest that a sizable decline shouldn’t be too far away now.
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GBPUSD 26th February, 2019
The advance above the main count's invalidation point, confirms the alternate outlook.
Today's main count suggests that Cable's rally has entered its late stages and that a top should be just around the corner.
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EURUSD 26th February, 2019
As expected the euro continued moving toward the upside and has come 4 pips short of reaching our target.
Whether or not this corrective advance is over remains to be seen. That said, the underlying weakness of the rally and the general tendency of our current wave count strongly suggest that a sizable decline shouldn't be too far away now.
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EURUSD 25th February, 2019
Moving slowly and with apparently no real intent, the euro came very quickly to hitting our confirmation point, but it hasn't reached it (much less its associated target) just yet. The analysis remains exactly the same for yet another day.
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GBPUSD 22nd February, 2019
Not much to add here. To recap, Cable inched down in line with the bearish outlook. We still want to see an impulsive decline below the main hourly count's confirmation points to gain confidence in the bearish interpretation.
On the upside, it would take a push above the alternate hourly count's confirmation point to imply that higher highs remain in store.
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EURUSD 22nd February, 2019
The euro nothing other than fluctuating within a very tight range of less than 40 pips, leaving our last analysis almost exactly the same.
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GBPUSD 21st February, 2019
Cable inched down in line with the bearish outlook. We still want to see an impulsive decline below the main hourly count's confirmation points to gain confidence in the bearish interpretation.
On the upside, it would take a push above the alternate hourly count's confirmation point to imply that higher highs remain in store.
Have a great weekend!
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EURUSD 21st February, 2019
As expected the euro has been moving generally toward the upside, and it has already reached and exceeded our first target.
It appears that price is still headed toward our second upward target as well. The labeling on the most recent price action is not set in stone, but it presents a very reasonable count that fits both the larger pattern as well as the general technical picture.
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