I can't really remember, but I think I promised an update on EUR/GBP, so here it's.
It seems we have finally broken the downtrendline from ultimo 2008 and should soon See a break above resistance at 0.8815 confirm a push higher towards 0.9039 as wave 1. Once wave 1 is in place we should be looking for wave 2 towards the bottom of wave iv of one lessor degree at 0.8401 as the target for wave 2.
The big question here is whether wave 4 is in place with the test of 93.79 or not? I don't think we have seen the end of wave 4 yet. I would not at all be surprised to see a new decline towards 93.79 and maybe even lower towards 90.86 before wave 4 is finally in place. If however wave 4 is in place already we will soon see a break above 100.86 confirming the next rally higher in wave iii of 5 towards at least 105.27 and possibly higher.
The wave 4 correction has been very complex and I think we are looking at an even more complex correction than I first imagined. Wave a Down from 156.78 was clearly in three waves and the following wave b has been even more complex. However I'm looking for a rally higher towards 154.88 in red wave c of b and the one last decline towards strong support in the 146.46 - 147.06 area. However, if this support zone break we should expect a deeper correction towards the bottom of wave iv of one lessor degree at 137.80, but only time will tell.
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