Validity of Method: Do the same thing with the US Dollar - a near replication of the Dollar Index
Leaving out the Yen: My perception of the Yen is a) it's a bit out on it's own among the commonly traded currencies and b) CB intervention / policy lends a possibly unhelpful distortion. (Leaving out say the Swedish Kroner for the same reason is a good idea. ) Basically you can add it in but it looks significantly different, reflecting the GBPJPY. I prefer to look at the Yen on it's own - just a personal preference.
The point, obviously - an underlying flavor of the currency itself - an index.
Two ways of looking at this likely wave completed, nearly exact equality of wave lengths suggests a near perfect zig-zag a-b-c.
I am perfectly open to d being wave i of five, and it currently being in wave four, and it retesting and peaking out the top, back in late August … it an odd one, because c of (b) retraces 0.382 of (a) … So this could be a wave four but I don't think so.
Where Sterling is now is complex. It appears likely to be in a B wave – where lows are considered a buying opportunity but fail to deliver hoped for highs.
Having said that, I believe it's just completing a minor wave a, where the c wave drops to 0.618 of wave a, there at the 0.382 level (mauve), where it has local price support at the 10.66 level, an upward channel trendline, from where it may push up to form a wave (b) of larger expanded flat.
This would give the required impulse out of say the GBPUSD, making a C wave to complete the corrective upward.
Other pairs – maybe an extended fifth against the EURO??
GBPJPY, (although not included here) almost certainly forming an inverted expanded flat.
GBPAUD: I think there a massive B wave going on, unsurprisingly - hehe - I'd like the pair to reach 2.1, or 1.9895, prior to reversal
CAUTION: DO NOT TAKE THIS AS INDICATION TO TAKE A POSITION IN OR TRADE A SPECIFIC PAIR. Obviously each currency does it's own thing as well.
Eventually Sterling should drop down to the 0.382,0.5. 0.618 retracement where it can be a very good buy (Potential Buy Zone). Sterling is currently considered the second most likely currency to raise interest rates after the US Dollar. (Whatever one might believe about that - hehe)
Thanks to safv6 for publishing this excellent chart:
...
... from where this chart originated in concept.
Leaving out the Yen: My perception of the Yen is a) it's a bit out on it's own among the commonly traded currencies and b) CB intervention / policy lends a possibly unhelpful distortion. (Leaving out say the Swedish Kroner for the same reason is a good idea. ) Basically you can add it in but it looks significantly different, reflecting the GBPJPY. I prefer to look at the Yen on it's own - just a personal preference.
The point, obviously - an underlying flavor of the currency itself - an index.
Two ways of looking at this likely wave completed, nearly exact equality of wave lengths suggests a near perfect zig-zag a-b-c.
I am perfectly open to d being wave i of five, and it currently being in wave four, and it retesting and peaking out the top, back in late August … it an odd one, because c of (b) retraces 0.382 of (a) … So this could be a wave four but I don't think so.
Where Sterling is now is complex. It appears likely to be in a B wave – where lows are considered a buying opportunity but fail to deliver hoped for highs.
Having said that, I believe it's just completing a minor wave a, where the c wave drops to 0.618 of wave a, there at the 0.382 level (mauve), where it has local price support at the 10.66 level, an upward channel trendline, from where it may push up to form a wave (b) of larger expanded flat.
This would give the required impulse out of say the GBPUSD, making a C wave to complete the corrective upward.
Other pairs – maybe an extended fifth against the EURO??
GBPJPY, (although not included here) almost certainly forming an inverted expanded flat.
GBPAUD: I think there a massive B wave going on, unsurprisingly - hehe - I'd like the pair to reach 2.1, or 1.9895, prior to reversal
CAUTION: DO NOT TAKE THIS AS INDICATION TO TAKE A POSITION IN OR TRADE A SPECIFIC PAIR. Obviously each currency does it's own thing as well.
Eventually Sterling should drop down to the 0.382,0.5. 0.618 retracement where it can be a very good buy (Potential Buy Zone). Sterling is currently considered the second most likely currency to raise interest rates after the US Dollar. (Whatever one might believe about that - hehe)
Thanks to safv6 for publishing this excellent chart:
... from where this chart originated in concept.
