Tomorrow's Prices Today
Cable has eclipsed the main count’s confirmation point and is getting closer to our first cited target.
Over the past week we have been discussing an alternate count in the “Food For Thought” section. Following the last dip to new lows, it is time to upgrade that count to first alternate count status.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the Euro continued moving toward the downside and reached both of our targets.
After a very minor change to the lowest degree of labeling, it looks like there’s still room for another small-to-medium dip lower before the inevitable correction of this solid decline.
GBPUSD continued to drift lower, supporting the main count’s view.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the Euro continued moving toward the downside, reached our first target, and is now a handful of pips away from reaching our second target.
Cable scored a lower low in line with the bearish interpretation — dropping below the initial confirmation point for the main hourly count –. We will continue to maintain the bearish outlook as long as GBPUSD remain below the main count’s invalidation point.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the Euro continued moving toward the downside and is now close to reaching our first target.
The momentum carrying this decline is fairly stable, but the trading volume is getting increasingly smaller. This makes the situation a bit ambivalent, which means it can go either way.
I’ve drawn a trend-line over the price decline — if the market breaks above it, then the decline is temporarily over and an upward correction is due toward the resistance level I’m including in the analysis; if it remains below it, the market should continue toward the first target and, if exceeded, the second target as well.
The sideways price action adds little to the overall outlook.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
It looks like my suspicion of the advance from yesterday was well-founded, as price did make a slightly new high on the hourly chart before quickly wiping out more than all of those gains.
The idea I mentioned in the “Food for Thought” section has now been substantiated as the new main count.
GBPUSD remains locked in a tight range, leaving both counts valid. We’d want to see a sharp decline to support the main count’s view.
On the other hand, an advance above the alternate’s count confirmation point would open the door for higher highs to come.
As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the Euro moved toward the upside, reached both of our targets, and exceeded the second target by 34 pips.
I must admit that this correction is too deep, and its rally too strong, for my liking — especially after the completion of a triangle. If the triangle is still unfolding, price may hit the invalidation point of the hourly chart, but it should ideally remain below that of the daily chart.
