Last week I expected a sell-off of the Pound against USD, but it went down 100 pips more than I dreamt about.
1.29 is a TD ABCD W2 level. If it doesn't work as a solid support, we will see Cable below 1.28 very soon.

Please note a symmetry in supposed BC and CD legs.

Yes, this surprised me also. Is the retracement over ? We willl have to explore our options. However my bias is bearish. Lets check out the price action of the reaction to this bearish move.

Originally posted by MarcinO

Last week I expected a sell-off of the Pound against USD, but it went down 100 pips more than I dreamt about.
1.29 is a TD ABCD W2 level. If it doesn't work as a solid support, we will see Cable below 1.28 very soon.

Click image for original size

Text book, 4-point continuation pattern and I did not see it

believe it or not, these are really easy to miss if you're looking the other way. Hard to look both ways...

Originally posted by Duane

Text book, 4-point continuation pattern and I did not see it

Click image for original size

In keeping with looking both ways, it is possible that gdx topped at 31.79 for a large corrective ABC that ended at 31.79. The move down as resumed with a possible end to Major [1] at 25.17, an a bounce to 28.70, b at 25.56, with c and major [2] target where c=a at 29.09, close to where 31.79 – 25.17 = .618 at 29.26.

I have been looking for a scenario that plays out to 35 - 40 area, however I am on my toes based on where the next bounce ends, as up moves have been losing their impulsive nature.

Time for another leg down?

They want it higher. 1.3220-30?

Corrective wave up to 1.3050 or 80 would be nice here.

ES wants to test previous local highs, I guess.

Flat ABCD and drop to low 1.29's is what I am expecting now.