Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24
RECESSION When Yield Curve Uninverts - 8th Sep 24
Sentiment Speaks: Silver Is Set Up To Shine - 8th Sep 24
Precious Metals Shine in August: Gold and Silver Surge Ahead - 8th Sep 24
Gold’s Demand Comeback - 8th Sep 24
Gold’s Quick Reversal and Copper’s Major Indications - 8th Sep 24
GLOBAL WARMING Housing Market Consequences Right Now - 6th Sep 24
Crude Oil’s Sign for Gold Investors - 6th Sep 24
Stocks Face Uncertainty Following Sell-Off- 6th Sep 24
GOLD WILL CONTINUE TO OUTPERFORM MINING SHARES - 6th Sep 24
AI Stocks Portfolio and Bitcoin September 2024 - 3rd Sep 24
2024 = 1984 - AI Equals Loss of Agency - 30th Aug 24
UBI - Universal Billionaire Income - 30th Aug 24
US COUNTING DOWN TO CRISIS, CATASTROPHE AND COLLAPSE - 30th Aug 24
GBP/USD Uptrend: What’s Next for the Pair? - 30th Aug 24
The Post-2020 History of the 10-2 US Treasury Yield Curve - 30th Aug 24
Stocks Likely to Extend Consolidation: Topping Pattern Forming? - 30th Aug 24
Why Stock-Market Success Is Usually Only Temporary - 30th Aug 24
The Consequences of AI - 24th Aug 24
Can Greedy Politicians Really Stop Price Inflation With a "Price Gouging" Ban? - 24th Aug 24
Why Alien Intelligence Cannot Predict the Future - 23rd Aug 24
Stock Market Surefire Way to Go Broke - 23rd Aug 24
RIP Google Search - 23rd Aug 24
What happened to the Fed’s Gold? - 23rd Aug 24
US Dollar Reserves Have Dropped By 14 Percent Since 2002 - 23rd Aug 24
Will Electric Vehicles Be the Killer App for Silver? - 23rd Aug 24
EUR/USD Update: Strong Uptrend and Key Levels to Watch - 23rd Aug 24
Gold Mid-Tier Mining Stocks Fundamentals - 23rd Aug 24
My GCSE Exam Results Day Shock! 2024 - 23rd Aug 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

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.


© 2005-2022 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