GBP/USD - I know I have be calling for a big decline in Cable, but when I was working with the long term picture yesterday I noticed that all the ups and downs has been in three waves. At the same time it looks as we are building a giant triangle of which we have seen wave
A-B and
C, if this count is correct we should now see a new massive rally higher in wave
D towards 1.9465. All that said we have some very tough hurdles we have to clear, but if they are cleared then no much is in the way for the rally higher. The first hurdle is at 1.6306 and then at 1.6495, but if they are cleared we should consider this count to be the preferred one.
I'm beginning to have the same felling that I did with EUR/USD, as it just broke right through all resistance I could calculate. At some point you just have to realise that the Market is telling you something different than you thought and this might just be the case here too.
Hi again,
ReplyDeletecan you do an EW analysis of EURCAD, if you find some time? I'm currently in a Long trade and my TP is 1,2880.
Thanks!
Heiko
Hi Keiko,
ReplyDeleteI'm very busy these days, but I will try to update EUR/CAD later today or very earli tomorrow.
However I just had a quick look at EUR/CAD and I would expect a correction towards 1.2911, so your take profit will be close, but should be done.
Kind regards
EWS
Ok, thanks, let's see how it works out. I'm inclined to get out now, but will be patient. I moved my SL to BE at 1,2525 already
ReplyDeleteHeiko