1.4255 at European open?
My assumption is that the move down isn't done and Pound is likely to make another leg down.

That was fun while it lasted. It looks like they want to bounce it to the breakdown retest area (say 35-36). I'm not sure it can make it there, as that 20 area is calling to it, but they seem to want to try. This 33.25 may be it, though.

The 'backtest' area could push it as high as 39, if it went deep.

Two tests at 35 and two rejections so far.

Originally posted by jimkane

That was fun while it lasted. It looks like they want to bounce it to the breakdown retest area (say 35-36). I'm not sure it can make it there, as that 20 area is calling to it, but they seem to want to try. This 33.25 may be it, though.

It did manage 37.50 right after the cash close. It's deep into the backtest area, but this is a clean bullish ABCD in here, so it's hard to fight that and bet on this little backtest. Nonetheless, if this is a 'W3' and not a CD leg, this is a great spot for it to dump from.

That makes sense.

Originally posted by jimkane

I just saw this in a ZH comment. I can't find where it is actually from. Note the 'English' spelling of the word 'minimize' (unless he just misspelled it). He called it the '7th law'. Anyways, it sure seems true, and something we often discuss in here.

"Dramatic price movements tend to unfold from price structures than minimise participation..."



Source: http://www.zerohedge.com/news/2016-04-07/mood-swings-qe-world-force-one-trader-give-fundamentals-become-technician#comment-7410291

All I can say is: wow.

And blah, blah, blah They're off!

Next up leg triggered.

Follow through is key for evaluation, since this is a bearish area here.

It's not off the table to give all this back, hard as that is to imagine. I doubt it, but it's not completely off the table. It's the crude blast off that's the driver, I think. Crude is just insane right now.

had a day full of appointments.....did you say something jim? ;)