Yesterday’s bullish momentum could be an indication that the waves WXY (magenta) have completed the wave X (blue).
Price broke the resistance of the downtrend channel (dotted red) which could indicate a potential wave 1-2 (magenta).
Yesterday’s bullish momentum could be an indication that the waves WXY (green) have completed the wave X (blue).
The GBP/USD used support to make a bounce up which for the moment seems to be only part of the bullish correction (green wave W).
At the moment it seems most likely that a rally is part of wave X (green) which is part of a bigger wave 4 (dark red).
The USD/JPY fell one more time back to support (green line) yesterday as part of the wave Y (purple).
Twitter: @elitecurrensea
PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com
Thank you