GBPUSD traded on up, casting doubts on the idea that wave (iii) green had more in store. I am modifying the subdivisions of wave iii pink to provide the best fit.
Month: August 2019
After a lot of convoluted and aimless sideways movement, the euro formed a triple-bottom on severely bullish momentum divergence. The third bottom of the trio did manage to break below the previous bottom, but just barely, before price soared 100 pips towards the upside. This …
The euro formed a double-bottom on severely bullish momentum divergence. Not only does this boost my confidence in the main count, but it also maintains its targets while providing an even closer confirmation point.
Cable traded on up in a choppy manner, in line with the idea that the downtrend remains in play.
Last week saw a modest, but consistent, decline in euro’s prices, contrary to my expectation of a bottom being prepared. Nonetheless, this current decline has so far consumed nearly 3 times the duration of the preceding advance, only to retrace 80% of its gains. Therefore, …
Whether the corrective bounce from the 1.2014 is taking the form of a triangle correction or a different corrective pattern, remains to be seen. The bottom line remains that the larger degree trend is down.
As expected the euro moved toward the downside, reached our first target, and exceeded it by 2 pips. This downward correction made up in time for its lack of depth, and I find it very prudent and reasonable to prepare for the possibility of its …
Cable fell short of our second target by 9 pips before reversing gears. The working assumption is that any bounce should prove corrective, paving the way for further decline.
As expected the euro moved toward the downside and came only 3 pips short of reaching our first target. It seems that the first two phases of this correction are now complete, and only the last one remains.
The bounce from the 1.2079 swing low is in line with the main outlook. The main hourly count suggests that lower lows should lie ahead.