Cable remains near its high and shows no sign of turning lower. Resistance is 1.6624 and the bearish view demands a turn lower from beneath this level. With no signs a turn is underway confidence is low. -- Jim

Feb 12 2014 11:27 AM ET: Cable hasn't eliminated the bearish view but it shows no sign of having peaked either. Unless it turns lower from current levels we'll have to adopt the alternate count and allow for a new high above 1.6668. -- Jim

Feb 12 2014 9:34 AM ET: Cables recovery has far exceeded expectations. As a result, any forecast is considered low confidence. There are better opportunities elsewhere.

That said, this chart shows a couple possibilities. The bearish one is shown with the data as it adheres to the strong dollar outlook. But it has its problems. First and foremost, the small degree wave ((1)) and ((2)) are far larger than the larger degree first and second waves. This is not a rule violation but it does pressure the concept of "the right look." For that reason an alternate is shown. It recognizes that the decline from 1.6668 is in three waves and could be a correction. Wave ((c)) traveled 1.618 times the distance covered in wave ((a)) and that's the second most common relationship after equality. -- Jim

Feb 12 2014 6:45 AM ET: The firmer than expected support seen here for the cable needs close attention. Although this upward movement can still be regarded as the final rise of a circled second wave correction, it must end fairly soon (preferably under a projected 0.786 retracement level at 1.6579) and give way to an impulsive decline back under 1.6425 for our still bearish view in order to remain reasonably plausible. Otherwise, a more bullish count would have to be considered if a continued climb through 1.6579 and on toward the recent top at 1.6668 was observed instead. John Hunter

Today's Forex Updates

The above is a small excerpt of the daily forex analysis available through Noon Eastern time Wednesday, Feb. 19 - 100% FREE!

FreeWeek is absolutely free to anyone with a Club EWI user ID and password. There's no obligation to buy, and no credit card information is required.

FreeWeek gives you complete, free access to our trader-focused Currency Pro Service (valued at $494/month).

Put yourself in the seat of a paying subscriber -- see exactly what they see!

Enjoy unrestricted, 24/7 access to intraday, daily, weekly and monthly forecasts -- including all the forex-trading analysis, charts, and videos -- for the world's 11 most-popular FX markets:

EUR/USD	EUR/JPY
USD/CHF	EUR/CAD
GBP/USD	EUR/GBP
USD/JPY	GBP/JPY
AUD/USD	AUD/JPY
USD/CAD

Discover why so many subscribers regard EWI's Currency Pro Service an essential part of their forex trading.

FreeWeek at elliottwave.com runs until 12:00 NOON on Wednesday, Feb. 19.

Learn more and get free, instant access to EWI's FreeWeek of FOREX analysis and forecasts now >>

Warmest Regards,

EWI

P.S. . FreeWeek is one of EWI's most popular programs, and it's perfect for anyone curious about EWI's subscription services. Please don't hesitate to forward this email to your friends.

About the Publisher, Elliott Wave International
Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world's largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.