On Friday Pound stopped right on a monster level, so the move up might be done, at least for a while. However, it likes deep W4s testing W2 highs (in a downtrend), so one more impulse to 1.4260-70 won't be any surprise.

Note the bullish ABCD here right before the open. Is this a CD leg, or a 'W3'?

GDX up huge in the pre-market.

And they're off!

Die, pig, die!

I know, I know, I've doomed the short side now with my comment.

I'm thinking CD leg because it appears impulse wave completed, so now is doing correction.

Pound broke decisively above the previous area, but 1.4410-20 is a strong resistance level.

Originally posted by MarcinO

It still looks strong.

I have two close levels to watch in here, one at 90.50-91.00, and one at 88-89. Both are 'center of area' (they don't include everything, but that's too hard to post fast). Both are for management purposes right now.

And by normal 'Elliott' thinking that would be correct, but the most advanced methodology followers in here know something else that says it may not be done... So, be cautious with that, use it only as one piece of the puzzle. The area above, though, is the most important factor.

Originally posted by JaLee

I'm thinking CD leg because it appears impulse wave completed, so now is doing correction.

Snappy bounce at 91, then it rolls right away. It needs to follow through down now, or it's just game time for them.

Originally posted by jimkane

I have two close levels to watch in here, one at 90.50-91.00, and one at 88-89. Both are 'center of area' (they don't include everything, but that's too hard to post fast). Both are for management purposes right now.

It's been a wonderful week for me. I want to thank everybody for their comments and charts and I'm really happy to be included here. This is a breath of fresh air to be with a group like this. Thanks to all for putting up with my "newbie" questions and learning process. Hopefully I can climb the learning curve and be up on the slope where you all are! Everybody have a great weekend and will see you on Monday!