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.
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MarcinO
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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.
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.
MA
MarcinO
Rep: 67
Posts: 5,506
Cable overshot FLAT level a bit and started a reversal. I am still counting on my 1.29-.12940.
After a little update my ES levels are 48-51 and 58. If they send it there soon I will try to short the ES.
After a little update my ES levels are 48-51 and 58. If they send it there soon I will try to short the ES.
DU
Duane
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It appears that your original count was correct. Deep.886 correction weak hands gone move appears impulsive. Good work.
Originally posted by rat89
fascinating area here on gdx
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Duane
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Posts: 1,095
Good work Marcin, Lookks like we are going lower.
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.
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MarcinO
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Posts: 5,506
I am not really sure if I got you right, Duane. Low of the move, hit by December contract was at 1.2960, but it was trading 20-25 points above September one, and the low happened on the week when liquidity has already switched. So if you add this to the continuous contract, you may say that they hit 1.29-1.2940 area. Wave count to the area and current reaction to keep USD rate unchanged makes me think that we are starting a soild move up in the Cable, or at least a significant bearish correction. Just my thought.
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MarcinO
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BTW, cable looks like starting another leg up, potentially to 1.3080 (December basis, 20 pips above spot).
RA
rat89
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end of day update on gdx:
The median line of the set anchored at the gap got hit at the high today for a line to line move from the low yesterday. In the two charts, the smaller bull set is shown both ways – anchored at the gap, and anchored at the 25.17 low. It would appear that the major [2] move ended at 25.17, just below where:
21.94 – 31.79 = .618 at 25.70
If that’s the case, then minor 1 of major [3] ended at 28.70, and minor 2 retraced to 25.56, where:
25.17 – 28.70 = .886 at 25.57
I’ll be curious to see how this plays out, as typical major [3] targets exceed the area where PC=PA at 35.71. What’s clear is that price, at least for now, has broken out of a tight triangle that raised some serious questions as to which way.
The median line of the set anchored at the gap got hit at the high today for a line to line move from the low yesterday. In the two charts, the smaller bull set is shown both ways – anchored at the gap, and anchored at the 25.17 low. It would appear that the major [2] move ended at 25.17, just below where:
21.94 – 31.79 = .618 at 25.70
If that’s the case, then minor 1 of major [3] ended at 28.70, and minor 2 retraced to 25.56, where:
25.17 – 28.70 = .886 at 25.57
I’ll be curious to see how this plays out, as typical major [3] targets exceed the area where PC=PA at 35.71. What’s clear is that price, at least for now, has broken out of a tight triangle that raised some serious questions as to which way.
Click image for original size
Click image for original size
Click image for original size
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MarcinO
Rep: 67
Posts: 5,506
The next level is about 1.32. I will place the chart once we are closer to this area.
