The euro had a moderate rally which has so far failed to break the invalidation point of the main count.
Both counts remain valid until price confirms or invalidates either of them.
Shortcuts
GBPUSD 12th October, 2018
Cable popped above the most recent high before quickly dropping lower, which is more in line with the main hourly outlook. We still want to see further downside action to gain confidence in the bearish case.
The “Food For Thought” section explores the upside potential, following a breach of the main count’s invalidation point.
EURUSD 12th October, 2018
Looks like the euro rally came to an end soon after the publication of the last analysis. The two counts are still valid, and hopefully one of them will be confirmed soon enough.
EURUSD 11th October, 2018
As expected the euro moved toward the upside and reached (and exceeded) our first target.
Judging by the slight, yet repeated, overlap between the swings of this rally, the main count is now much more likely. Once this rally is complete, expect a reversal toward the targets of the main daily count.
Note: I’m extremely sorry for missing yesterday’s analysis, as I had an urgent home situation.
GBPUSD 10th October, 2018
If the main hourly count is on the mark, the market needs to prove it. We want to see prices printing below the main count’s confirmation point to gain confidence in the bearish case.
The “Food For Thought” section explores the upside potential, following a breach of the main count’s invalidation point.
GBPUSD 9th October, 2018
Cable extended its advance as anticipated and — so far — it’s 3 pips away from reaching the cited target. If the countertrend advance count is on the mark, then it has met its minimum requirement. Allow for slightly higher high before the larger degree downtrend resumes.
I am adding a “Food For Thought” section at the end of today’s analysis. We discussed the count mentioned there extensively previously. It has been on the back burner for a while and it remains a possible count to keep in mind.
EURUSD 9th October, 2018
The euro moved unexpectedly toward the downside, established a new low, and then rallied above the high of the previous downswing.
This leaves us with at least 3 likely interpretations. To keep our sanity and prevent the analysis from getting out of hand, I’ll be focusing on the most likely 2 counts.
GBPUSD 8th October, 2018
Cable traded on up through the alternate count’s confirmation point and the focus is now on up to complete the countertrend advance.
I modified the subdivions of wave (ii) green to provide the best fir based on the most recent price action.
[View Wave Counts & Charts…]
EURUSD 8th October, 2018
The euro declined in 3 waves from 1.1549, and the following rally overlapped the first of those waves, which means the aforementioned decline was corrective.
Given its position, it’s almost certainly part of a larger flat, either expanded or running, or another complex corrective structure.
GBPUSD 5th October, 2018
GBPUSD extended its advance, reaching the specified target, before reversing gears and registering lower lows.
We want to see the market committing to us before we commit to the market. Therefore, we want to see a five-wave decline below the main hourly count’s confirmation points to gain confidence in the bearish case.
On the other hand, a post above the alternate count’s confirmation point would imply that higher highs remain in store for Cable.
As always, we will wait for either count’s confirmation point to be reached to determine the highly probable count.
