GBPUSD continued to score lower lows, reaching and exceeding the cited target before reversing gears, opening the door for the idea that an interim bottom has been registered. Today's main hourly count suggests that the last leg of a countertrend bounce has started, while today's alternate hourly count, consider the possibility that the larger degree downtrend is in full throttle. Have a great weekend! Read More

Cable traded on up, confirming the alternate count before diving to lower lows. The nature of the decline from yesterday's high appears corrective in nature, opening the door for the idea that the countertrend advance has yet to peak. A post below the main hourly count's confirmation point will imply that lower lows remain in store for the second leg of the corrective bounce. On the other hand, a rally through the alternate hourly count's confirmation point would suggest that the final leg of that bounce has started. Read More

We continue to look for evidence to support that the corrective advance is behind us and that the larger degree downtrend has resumed. We still want to see further impulsive decline to gain confidence in that bearish outlook in the mid-term. Near-term, it is arguable whether a smaller degree five-wave sequence is complete. A post below the main hourly count's confirmation point will imply that lower lows remain in store. On the other hand, a rally through the alternate hourly count's confirmation point would suggest that a smaller degree correction has commenced. Read More

Good morning. I am back. Many thanks to Tamer for filling in. Cable continued to decline, in line with the idea that the countertrend advance is behind us. We still want to see further impulsive decline to gain confidence in that outlook in the mid-term. Near-term, it is arguable whether a five-wave sequence is complete. A post below the main hourly count's confirmation point will imply that lower lows remain in store. On the other hand, a rally through the alternate hourly count's confirmation point would suggest that a smaller degree correction has commenced. Read More

As expected the pound moved toward the downside and has just reached our first target at 1.2895. This decline shows no sign of slowing down at this point, despite being in a good position for at least a temporary correction. This is why I'm citing more ambitious targets for the current decline, but I'm also including resistance levels in case price reverses from the current levels. Read More

While Cable hasn't broken below the invalidation point of the hourly count, its recent decline has already caused overlap between its orange waves ii and iv. This isn't always guaranteed to invalidate a count, but it's certainly enough to begin the search for a (possibly) more fitting one. This updated count follows closely on the heels of the previous one, with some modifications to the hourly chart and its pivots. Read More

GBPUSD continues to drift lower, confirming the alternate hourly count and the cited target was reached and exceeded. The nature of the decline opens the door to consider the idea that wave B blue may have run its course. We will discuss that bearish scenario in our "Alternate Daily" section. Please Note: I am out of the office from Wednesday 6/2 to Friday 8/2. Many thanks for Tamer for filling in. I will be back with you next week. Have a wonderful weekend. Read More

Cable remains locked close to its low adding little to the overall outlook. We are adding an alternate hourly count that expects that the countertrend decline has yet to bottom. Read More