📌 Here we have a relatively straight forward move in play.
After EUR held the lows buyers can follow through; true, clearly sellers are not in control and failed to obtain the powerful ABC sequence main target. In other words... buyers are aggressive, GBP exposure would be better off elsewhere. The mobility of UK market access will contract (at least in the short-term) with NDB and it's an illusion to say otherwise.
EURGBP buyers can enter into play here and on the break attacking new highs at 0.925x as a quick flow target. Invalidation in the swing comes into play below 0.893x as at that moment it would be appropriate to bring things closer to home.
Thanks as usual for keeping the feedback coming 👍 or 👎
@ridethepig in holiday mode here and taking a few days off, back to business for Claims and NFP this week.
GeorgeZii
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Since you posted the idea, we have noticed that the price is consolidating between the 0.90 cluster and the trendline of the lower side. Why do you think this happens right now and do you think this could signal a bearish breakout?
Thanks for sharing.
FWIW, on the monthly chart it almost looks like there will be some bold green candles soon
XYZ-Trader-
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stop using elliot wave theory. It has so many flaws as a prediction of price. It's only useful for post analysis. I noticed most of your Elliot wave charts are way off and go into the opposite direction. Why make trading so complicated. Just follow the trend and buy off support and sell of resistance. Then manage trade. Done.
ridethepig
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@tradeMeOut, as long as 0.893x is holding there is nothing to update. Summer lull took over with thin liquidity, all eyes on Jackson/Fed Sept combo to kickstart the rest of the year flows.