Tomorrow's Prices Today
As expected the euro moved toward the upside and confidently reached, and exceeded, both of our confirmation points.
That said, I find that the internal structure of this move is better explained by shifting the degree of labeling one level lower. In other words, the general picture and targets remain almost exactly the same, but the wave labels have changed colors.
Additionally, we now have nearer-term price targets and a tighter invalidation point.
The sideways consolidation continues to have the upper hand.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
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The euro did a little up-and-down swinging with virtually no net-effect. Price came up 1 pip short of reaching our first confirmation point, then it went down to within 4 pips of our projected support level.
In other words, our count remains exactly the same.
Cable continued its sideways consolidation for the second session in a row.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
[View Wave Counts & Charts…]
The euro moved down to 1.1205, i.e., 5 pips below the lower boundary of our projected support range at 1.1210.
The euro spent the day oscillating within a tight range of 30 pips. This appears to be part of a sideways-to-downwards correction in a second wave at minuette degree.
GBPUSD traded within a range, in line with the idea that a triangle is underway. We still want to see further sideways consolidation to lend credence to the triangle scenario.
Conversely, if the re-test of trendline support is complete, we will see an impulsive decline that’d support the bearish outlook.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
[View Wave Counts & Charts…]
At long last the euro rushes toward the upside, as expected, and passes our confirmation point at 1.1249.
Cable continues to score lower lows for the move, supporting the bearish outlook.
The pullback from the 1.3383 swing high is — so far — in three waves, we want to see a five-wave decline to gain confidence in the bearish count. The presence of that three-wave retreat, leaves the door open for the uptrend (for now).
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
[View Wave Counts & Charts…]
The euro made another, equally unimpressive hourly low, sliding only 12 pips below yesterday’s low.
I’ve tried time and again to see the decline from 1.1447 as an impulsive move, but I simply can’t find a reasonable way to do it. Therefore, I’m left maintaining my previous conclusion that this move is the middle phase of a flat correction, which should very soon be followed by a relatively strong rally.
