Tomorrow's Prices Today
The euro spent the day moving in a sideways manner within a tight range, so everything remains largely the same.
Given the general look of this consolidation, I’ve updated the main count so that it includes both the possibilities of a triangle and an expanded flat, in the form of a tight resistance zone. I’ve also dispensed with the alternate hourly count, since it’s now practically subsumed within the main count.
Cable spent yesterday’s session grinding higher and if the main count is on the mark, lower lows should lie ahead. We will discuss the extent of these lows shortly.
On the other hand, the alternate hourly count expects that Cable’s advance is yet to run its course.
As always, we should wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the euro moved toward the downside. This leaves both of our counts pretty much the same.
While the main count sees this as a temporary decline within a larger correction, the alternate expects it to be a pre-terminal move. At this point, the available data is not enough to favor one count over the other.
The three wave advance can be viewed as a smaller degree retracement. If the main count is on the mark, Cable should soon decline in an impulsive manner.
As always, we should wait for either count’s confirmation point to be reached to determine the highly probable count.
As expected the euro moved toward the downside and came within a handful of pips of reaching our first target. And yet, the overall look of this move makes me think we may be looking at a slightly different pattern.
My general outlook for the next day or two is still the same, but now I have two hourly counts that examine alternate possibilities, each having a slightly different timeline for the completion of this pattern.
Very little price action to comment here since our last analysis. The main count continues to explore the possibilities of the resumption of the downtrend, while the alternate count suggests that Cable has higher to go before locating a significant top.
As always, we should wait for either count’s confirmation point to be reached to determine the highly probable count.
The euro moved very slowly within an ascending range of less than 50 pips, leaving the main count exactly the same.
Cable reached the first cited target and exceeded it by 13 pips before locating an interim bottom. We are updating the main count according to the latest price action and as well modifying the alternate count to provide the best fit.
As always, we should wait for either count’s confirmation point to be reached to determine the highly probable count.
The euro kept swinging up and down within a 50-pip range, forming a slight new low in the process.
Given the extent of the decline from 1.2476, I think it’s time to drop the previous main count in favor of the alternate I mentioned yesterday. Both counts have very similar outcomes, but the new count fits the recent movement a little better.
Cable tagged the main hourly count’s confirmation point and we are yet to see a sharp decline to confirm the bearish interpretation. We are adding tight confirmation and invalidation points for today’s main and alternate counts.
As always, we should wait for either count’s confirmation point to be reached to determine the highly probable count.
