My long term view of GBP/USD is, that a major B wave triangle is developing. A triangle is made up of five smaller waves a-b-c-d-e. It's still not confirmed, but we could have seen the end of wave d at 1.6442 and the final wave e is developing towards the downside and should at least reach 1.5854 (the bottom of wave iv of c). Once wave e is over, it's my expectation to see a major rally towards 1.90 over many months.
There is nothing new here. I still like the possibility of a triangle developing. We have likely just seen the bottom of wave b of the triangle and should now see wave c move higher towards the 1,362 - 1375 area before a new decline in wave d sets in.
That said, the logical alternative Count is, that we are in a flat correction call an impulsive rally in wave c higher towards the 1,460 -1,488 area before a new impulsive decline to below 1,188 begins.
Hi EWS,
ReplyDeleteI thought you're right at USDZAR, 'm short@10.4093 and now I have a problem. How much can still go up? Can you briefly comment the new state?
thank you
Hi Paulina,
DeleteI have update my new Count on USD/ZAR.
From your comment above I think you have a problem as you don't use stops, that can a will likely cost you big time at some point.
Kind regards
EWS
hi
ReplyDeleteyour EUR AUD counts are at work, well done
This aligns pretty closely with other EW and other types of analysis I've seen on gold. Kudos to you...definitely found a new blog to follow!
ReplyDelete