Tomorrow's Prices Today
As expected the euro moved toward the upside. Again, it was a small advance that leaves the door open for more upward movement.
No clear pattern has revealed itself just yet, but we can safely say that whatever pattern is developing is *not* a 5-wave impulse. It remains to be seen whether it turns out to be a leading diagonal or a corrective pattern.
Cable traded on up, confirming the alternate hourly count and the first target zone was reached and exceeded.
We continue to look for evidence to suggest that wave (ii) green is yet to run its course with updated short-term targets and invalidation point. On the other hand, an impulsive sharp decline from current levels would favor the alternate hourly count.
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, but it was a small advance that leaves the door wide open for more upward movement.
Cable scored a lower low for the move lending credence to the main hourly count.
We still want to see a five-wave decline to gain further confidence in the bearish case.
I am adding an alternate hourly count that expects further corrective bounce before delving lower. It is worth noting that yesterday’s alternate count remains technically valid but we will cross that bridge when we come to it.
As always, we will wait for either count’s confirmation point to be reached to determine the highly probable count.
The euro moved impulsively toward the downside for 130 pips.
In theory, this aligns with the alternate hourly count, which expected a decline. However, the impulsiveness of this decline requires a relabeling of the count.
GBPUSD resumed its decline and the cited target was reached and exceeded. I am modifying both main and alternate hourly counts to provide a better fit.
The main reason behind that modification is that the recent weakness from 1.3299 can be interpreted in a couple of ways. I am including both today and as always, we will wait for either count’s confirmation point to be reached to determine the highly probable count.
The euro moved toward the upside, so far in 3 waves. The pattern looks rather clear on the daily chart, but the noise on the hourly chart is so excessive that two counts are necessary.
As expected the euro moved toward the downside, passed the confirmation point, and is now well on its way toward our targets.
The count remains essentially the same, but I’ve added a precaution at the end in case the decline is complete.
Note: Apologies for the late update.
Cable remains locked close to its lows and no evidence yet to support the idea that the downtrend has resumed. We want to see an impulsive decline below the most recent swing lows to gain confidence in the main hourly count.
Alternatively, a sustained advance above the alternate count’s initial confirmation point would lend credence to the near-term bullish case.
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 downside, reached both targets, and exceeded the second target by 7 pips.
This part of the decline is now complete, but the decline as a whole looks like it needs one more dip lower.
