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Elliott Wave Analysis of the GBP/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
My main long term wave count for the British Pound is that a triangle lasting almost 3 years ended on October 31, and a thrust projected to move almost 4000 pips downward over the next year is underway.
Elliott Wave Analysis of the GBP/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
I wouldn’t be surprised if we get a rally from here in Cable, lasting possibly through tommorrow, to complete the correction of yesterday’s huge downward impulse. If that occurs, it would likely be mimicked in the equity markets as well.
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
If the Euro starts rallying by tomorrow, I think the Elliott Wave count depicted in the chart above is correct. Typically, in an expanding ending diagonal, wave 5 terminates just before reaching a trend line extending from the extremes of waves 1 and 3. Also, in an expanding ending diagonal, wave 5 is longer than wave 3, wave 3 is longer than wave 1, and wave 4 is longer than wave 2. Finally, each wave is a zigzag or zigzag combination. All those rules have been met.
If the Euro continues aggressively downward, the alternate count shown on the chart is preferred, with wave 3 blue already underway after an anemic wave 2 blue. If wave 3 blue is underway, equities will have a hard time doing anything but go down . .
