Elliott Wave Forex

In our most recent analysis, we mentioned that it is possible to view the countertrend advance as complete and that we want to see evidence to support that view before jumping on the bearish wagon.

On Friday, the drop below trendline support hints that we are on the right track. We still want to see a drop below the main count’s confirmation point to gain further confidence in the bearish call.

As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.

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Cable climbed higher, reaching and exceeding the first cited target.

At this juncture, it is possible to view the countertrend advance as complete. However, we still want to see evidence to support that view before jumping on the bearish wagon. As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.

N.B.: I am keeping the “Food For Thought” segment at the end of today’s analysis, since it remains relevant.
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Cable inched up in line with the alternate hourly count and the nearby first cited target was reached.

Today’s main count expects Cable to drift higher in a corrective manner before reversing gears to resume the larger degree uptrend. On the other hand, the alternate hourly count expects that a top is in place and that prices should soon give way to lower lows.

As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.

N.B.: I have added a “Food For Thought” segment at the end of today’s analysis.
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The main count suggests that the bounce from the most recent swing lows is corrective and that it should give way to lower lows.

As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.
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