Tomorrow's Prices Today
Cable continues to consolidate in a sideways manner failing to reach either counts’ confirmation point and both counts remain valid.
Main hourly count expects Cable to reverse directions and unfold downwards sharply in an impulsive manner while the alternate count expects one final push from Cable before reversing directions.
As always, we will wait for either counts’ confirmation point to be reached to determine the highly probable count.
There’s been practically no change in the market since our last analysis. Price did move a bit towards the upside as expected, but so far this movement is minimal and nothing to write home about. Our last count still holds.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
The break below 1.1166 looks strong, but it’s still best counted in three waves, so it must be viewed as a correction.
Now everything points toward the 1.1109 support level’s being the final judge of this situation. While it holds, the ending diagonal scenario remains valid. But once it’s broken, the upward movement is almost certainly complete and wave D down in the larger triangle is in play.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
With the recent upward spike and subsequent drop, and their relation on short-term support and resistance levels, it’s become exceedingly unlikely that the triangle scenario is still valid.
Another count that fits the bill very nicely is an ending diagonal in its final stages. This also fits with the position and degree of this formation: a fifth wave at the end of the C-wave of a zigzag. If this is correct, then we can expect another weak attempt at driving price higher, immediately followed by a swift retracement through multiple levels of support.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
Cable has been consolidating in a sideways manner failing to reach either counts’ confirmation point and therefore, leaving both counts valid.
Main hourly count continues to expect Cable to reverse directions and unfold downwards sharply in an impulsive manner while the alternate count expects one final push from Cable before reversing directions.
As always, we will wait for either counts’ confirmation point to be reached to determine the highly probable count.
The sideways correction keeps unfolding slowly and monotonously, just as triangle are apt to do.
It’s times like this when our patience and discipline as traders are put to the test. So it’s crucial that we control our boredom and impulses to become “trigger-happy”, and instead wait until the next impulse (which is sure to come).
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
Cable unfolded upwards as expected and the sideways correction appears structurally mature.
Main hourly count expects Cable to reverse directions and unfold downwards in an impulsive manner while the alternate count expects one final push from Cable before reversing directions.
As always, we will wait for either counts’ confirmation point to be reached to determine the highly probable count.
Not much has changed since we visited the euro market yesterday.
Price moved a little higher and then a bit lower, confirming the first two stages of the expected correction. This gave us an opportunity to calculate more immediate targets.
It’s worth restating that I’m presenting one possibility of the unfolding of this triangle on the hourly chart, just so we all have something to work with in the very short term. But I strongly advise you to keep your focus towards the upside, as indicated on the daily chart.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
Cable unfolded downwards and both counts remain valid despite Cable coming very close to the alternate count’s confirmation point. At this juncture, both counts have almost equal probabilities.
Main hourly count expects Cable to unfold within a correction in a sideways manner while the alternate count expects that Cable’s downtrend has resumed.
As always, we will wait for either counts’ confirmation point to be reached to determine the highly probable count.
Turns out the third leg of the triangle had a bit of force left to drive the market further down. Now price is very likely wading through the fourth leg.
It’s worth restating that I’m presenting one possibility of the unfolding of this triangle on the hourly chart, just so we all have something to work with in the very short term. But I strongly advise you to keep your focus towards the upside, as indicated on the daily chart.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
