Fibonacci GONE WILD

Possible indication for a second round to the downside???

A suprise rate cut (like at the end of August) is needed to jumpstart some of these currencies to the upside. As I recall, it was on a Friday. Including today, there are three Fridays before the next Fed meeting.

Crystal ball.....crystal ball.....

BTW, that pitchfork is still working wonders for the pound on the daily chart, even though price dipped below it a bit.

It seems price has preferred to stay above the 100% fib line over the past few hours.

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NOPE!!!!!

Price has reached a critical area.

Compare The Above Charts Of The Eur/gbp With This One. The timeframes aren't the same but it's the principle that is the focus here. Will It Suffer The Same Fate?? Just something to keep in mind.

It just might be time for a ride to the upside...CHOO!! CHOO!!

With the weakness of the Euro, price could be in for a substantial drop.

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Here is how things have gone thus far on the 4HR EUR/CAD and Daily GBP/USD Charts.

Price made a perfect ride on a pitchfork to the upside this morning similar to the downside movement occuring now.

"HOOOP....THERE IT IS!!"

YEP!!!!

(For clarity, the question was could price on the EUR/GBP fall from the 261% ext as it did on the EUR/JPY.)

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Buying the break (highlighted) made a nice trade.

This could turn out to be an excellent long trade here. However, price might dip outside of it momentarily but shouldn't go too far below the pitchfork line (156.90 - 157.00 max) if upside momentum lies ahead. If it stays outside of it too long then a short may be in order, especially if it shows rejection by the pitchfork and make lower lows.

BEAUTIFUL!!!!