Cable traded on up as anticipated and both targets were reached. The focus remains on up till Cable shows any sign of weakness as we will discuss shortly.
Shortcuts
GBPUSD 25th December, 2019
The post above the hourly count’s invalidation point lends credence to the idea that a counter-trend advance has started.
As always we will wait for the hourly count confirmation point to be reached to gain confidence in this outlook.
[View Wave Counts & Charts…]
EURUSD – December 25th, 2019
I said it yesterday and, by God, I’ll say it again: Merry Christmas, everyone!
Markets were closed today, so I’m taking this opportunity to quickly introduce an alternate hourly count that I’ve been meaning to mention for a few days now.
This alternate count only comes into effect if the invalidation point of the main count is breached. It doesn’t imply a full change in price direction, but merely a very minor and temporary period of stagnation.
EURUSD – December 24th, 2019
Merry Christmas, everyone!
The euro has been practically standing still, which isn’t much of a surprise during holiday seasons. For all intents and purposes, our main count remains exactly the same.
GBPUSD 23rd December, 2019
GBPUSD continued to decline and the confirmation point was never reached to suggest that the five-wave decline we have been tracking is complete.
The first target for wave (2) black (on the daily chart) was reached and we will continue to favor the downside until Cable shows signs of strength.
As always we will wait for the hourly count confirmation point to be reached to gain confidence in this outlook. To recap, as a side note, pay attention to the upper boundary of the impulse channel on the hourly chart.
[View Wave Counts & Charts…]
EURUSD – December 23th, 2019
The euro saw very little change over the course of the day. This leaves our count exactly the same, neither supporting nor undermining it.
EURUSD – December 22th, 2019
As expected the euro moved toward the downside, easily reached both of our targets, and exceeded the second target by 21 pips.
There is a lot of argument to be made in favor of another, very small and temporary decline. However, the current decline has more than reasonably fulfilled all of its requirements, so it makes more sense to prepare for a continuation of the larger advance.
GBPUSD 19th December, 2019
Cable’s decline is in line with the near-term bearish outlook. So far, Cable fell short of the cited target, but if we are on the right track, Cable should have lower lows in store.
A corrective bounce should be in the cards for GBPUSD before the final decline to complete the third leg of the larger degree correction.
As always we will wait for the hourly count confirmation point to be reached to gain confidence in this outlook. As a side note, pay attention to the upper boundary of the impulse channel on the hourly chart.
[View Wave Counts & Charts…]
EURUSD – December 18th, 2019
Even though the euro barely managed to break below 1.1112, this decline successfully invalidated the previous main count and necessitated the introduction of a new one.
The current main count expects an even stronger, more ambitious advance over both the short and medium terms.
EURUSD – December 17th, 2019
As expected the euro found support exactly at 1.1129 and then moved upwards past the initial confirmation point at 1.1158.
At this point, the main count remains exactly the same.
