Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
20 Days Left to Find Buying Opportunities In Gold - 25th Mar 19
Will the Historic Imbalance in Gold Stocks to Gold Price Resolve ? - 25th Mar 19
EasySMX Wireless Games Controllers Review - 25th Mar 19
Stock Market Short-term Top - 25th Mar 19
UK Population Growth - Latest ONS Immigration Statistics and Consequences - 24th Mar 19
The Fed Follows Trump's Tweets, And Does The Right Thing - 24th Mar 19
Yield Curves, 2yr Yield, SPX Stocks and a Crack Up Boom? - 24th Mar 19
Risk/Reward in Silver Favors Buying Now, Not Waiting for Big Moves - 23rd Mar 19
Similarities Between Stock Market Today and Previous Bull Market Tops - 23rd Mar 19
Stock Market DOW Seasonal Trend Analysis - 23rd Mar 19
US Dollar Breakdown on Fed Was Much Worse Than It Looks - 23rd Mar 19
Gold Mid-Tier GDXJ Stocks Fundamentals - 23rd Mar 19
Which Currency Pairs Stand to Benefit from Prevailing Risk Aversion? - 23rd Mar 19
If You Get These 3 Things Right, You’ll Never Have to Worry About Money - 22nd Mar 19
March 2019 Cryptocurrency Technical Analysis - 22nd Mar 19
Turkey Tourist Fakes Market Bargains Haggling Top Tips - 22nd Mar 19
Next Recession: Finding A 48% Yield Amid The Ruins - 22nd Mar 19
Your Future Stock Returns Might Unpleasantly Surprise You - 22nd Mar 19
Fed Acknowledges “Recession Risks”. Run for the Hills! - 22nd Mar 19
Will Bridging Loans Grow in Demand and Usage in 2019? - 22nd Mar 19
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

British Pound GBP Soars to Resistance, Bearish Turn Ahead?

Currencies / British Pound Feb 12, 2014 - 09:50 PM GMT

By: EWI

Currencies

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.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

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

6 Critical Money Making Rules