Sterling was on defensive again. GBPUSD closed the week near the major post Brexit support 1.2970. The price looks very bearish but only a breach below the triple bottom will push the price even lower. Speculators added a massive 29K long positions while only increasing shorts by 4.7K.
Posted in: Commitments of Traders,
This weeks analysis came good for us, our subscribers got the benefit of a nice pop in wave 'y' yellow shown on the chart. This current rally is a possible combination flat correction, labelled 'w,x,y' in yellow, this is a corrective wave to the upside, and should finish out wave '2' blue at around the 11320 region. That is the region I am looking at to test the market to the downside again with the intention of trading wave '3' blue should it happen.
Posted in: Elliott Wave Analysis,
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