Today we have the vote in the UK and I just want to point out that IF the UK decides to remain in the EU nothing changes and the bullish
response that might follow will be a relief rally and nothing more besides a good way for top traders to sell the high. IF the UK decides to leave the EU it is open season and we will go down fast. In terms of wave count we see a consolidation on the daily time frame that I counted as a corrective combination due to the fact that it invalidated the possibility to count is as a 'Flat' correction in terms of Elliott Wave
. This however doesn't change much besides the fact that a wave Y can't exist out of 5 inner waves and I will therefore be looking for a completion of this correction at 1.50, or a wave B lower and then a relief rally for wave C higher.
It is very useful to keep an eye on my dollar index
scenario's since both GBPUSD
will impact the dollar index
for the most part and these pairs will correlate later today.
Safe trading and it is not necessary to trade this event as I explained in my dollar index