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Monday, February 17, 2014

GBP/USD - Updated long term count.


GBP/USD

Please see my post from October 5 - 2013 here first.

I will not say that counting this cross has been a walk over, as wave E of the major B-wave triangle became very small. E waves of triangle can, as I said in my October 5 - 2013 post, be sub-normal and that is clearly the case here. I think that 99.9% of all analyst had this triangle as a wave 4 triangle and wave looking for a continuation lower, they are now struggling to fit this break towards the upside into their new counts.
My preferred count calls for a continuation higher towards at least 1.7500 in wave 3 I would not be surprised to see wave 3 extend even more, but time will show.

Short term I will look for support at 1.6624 to protect the downside for the next move higher towards 1.6986  


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