Cable advanced as anticipated in line with the main hourly count. We still want to see further rally to favor the bullish outlook.
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Shortcuts
EURUSD 18th July, 2019
As expected the euro moved toward the upside, reached our first target, came a third of the way toward our second target, then rapidly declined.
This type of rapid-fire oscillation, especially where each wave is fully contained within the preceding one, and even more so in the position of a B-wave, is highly indicative of a triangle formation.
EURUSD 17th July, 2019
As expected the euro moved toward the upside and reached our initial confirmation point. The advance was quickly, but not fully, retraced, so now I can confidently project stricter confirmation and invalidation points.
GBPUSD 16th July, 2019
GBPUSD traded on down, confirming the alternate count and it was 3 pips shy of our target zone. This count suggests that the downtrend is not over, in fact, it suggests that it is far from complete. However, a corrective bounce seems in the cards for Cable before resuming its downtrend.
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EURUSD 16th July, 2019
In complete disregard to yesterday’s expectation, the euro suffered an impulsive decline that nearly wiped out all of its gain over the past week.
And yet, the fact that this decline still hasn’t managed to properly test the support at 1.1192 may be a clue that indicates that this decline may be merely the middle phase of a flat correction. Not only does this interpretation maintain the larger outlook of the main count and its targets, but it also explains several, otherwise problematic aspects of this entire movement.
EURUSD 15th July, 2019
The main count is still on track as the euro had a largely uneventful day. We now also have a tentative labeling for the recent movement.
GBPUSD 12th July, 2019
Cable advanced past the main hourly count’s confirmation level but we are not out of the woods just yet.
We still want to see a five-wave advance from the 1.2443 level, preferably above the main count’s final confirmation point to suggest that we are on the right track.
We are adding an alternate daily count which suggests that the downtrend is far from complete.
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EURUSD 12th July, 2019
As expected the euro first effected a modest downward correction, before it’s begun to resume its larger corrective advance.
EURUSD 10th July, 2019
As expected the euro moved toward the upside and is now 5 pips away from our first target. And although it took an extra day and a 14-pip dip below support, our main count is now back in alignment with its expectations.
It’s a bit too early in the development of this upward correction for me to place definitive labels or provide short-term targets, so today I’ll have to leave out the usual level of detail and keep to the mid-term targets.
GBPUSD 9th July, 2019
Even though GBPUSD inched down, reaching and exceeding the cited target level, the drop below the main hourly count’s invalidation point negated that scenario.
It is early to tell with confidence whether a bottom has been registered. We would want to see a five-wave advance above the main hourly count’s confirmation point to suggest that a significant bottom is in place.
On the downside, a print below the alternate count’s confirmation point (the same level where the main hourly count’s invalidation point is) to imply that lower lows remain in store.
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