I sat down patiently to look at the cable and to see nice chart pattern forming on the bigger picture and to see some interesting thing from the COT report as well. However, a big move is brewing. Technical factors indicate that the Pound is in the early stages of a bull move that could exceed 2.04 by the middle of july.
Bigger picture, a 5 wave advance from 1.7047 is complete at 2.1160. Therefore, a large 3 wave correction is underway from 2.1160. The first leg of that correction (A) is complete at 1.9337. We previously favored the idea that the B wave top was in place at 2.0397 but the way in which the decline has unfolded from there gives more weight to the alternate count; that treats wave B as a complex correction that will not end until above 2.0397. The rally should be strong. Most final legs of corrections are strong moves and serve to convince the majority of market participants that the previous trend (in this case, up) is back underway
Note: Wave A took 8 weeks. C waves are often similar in time to their wave A counterparts. If a B wave low is in place this week, then the GBPUSD is likely to exceed 2.04 by the middle of July.
actually we could see some down trend the next market and check the weekly and monthly chart to see the support on which the prixe are sitting and ready for a rise.
enjoy
Bigger picture, a 5 wave advance from 1.7047 is complete at 2.1160. Therefore, a large 3 wave correction is underway from 2.1160. The first leg of that correction (A) is complete at 1.9337. We previously favored the idea that the B wave top was in place at 2.0397 but the way in which the decline has unfolded from there gives more weight to the alternate count; that treats wave B as a complex correction that will not end until above 2.0397. The rally should be strong. Most final legs of corrections are strong moves and serve to convince the majority of market participants that the previous trend (in this case, up) is back underway
Note: Wave A took 8 weeks. C waves are often similar in time to their wave A counterparts. If a B wave low is in place this week, then the GBPUSD is likely to exceed 2.04 by the middle of July.
actually we could see some down trend the next market and check the weekly and monthly chart to see the support on which the prixe are sitting and ready for a rise.
enjoy
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