Great British Pound – the BUY case
August 6, 2016
since the HUGE MONTHLY 31 year .78 node the pound move roughly 700 pips (note in 5 waves) and has been consolidating for a month.
take a look at the BUY PATTERN present in the GBP a little lower … they don’t get better than this. What does that mean?
well after a 31 year .786 node of support we have a Gartley BUY occurring. all it means is it MIGHT work and it MIGHT not ..
I like the fact that it’s been working/consolidating for a bout a month .. that means the moon is at play! 🙂
wow .. what an amazing vacation in the Outer Banks this past week. W/ a clear head, I open my charts this AM ..
so, the Pound found support on a 31 year .786 retracement…it “should”. But, as we know, it doesn’t have to hold – at all. But so far it has …
now, if you’ve been following my blog you’ll find that this 30 year support in the 1.35-1.38 zone should not become resistance – polarity principle.
as for me, I’m going to look for a buy pattern (nibble) – folks – this is roughly 1000 pips away so, while it doesn’t look like much on the Monthly chart – it certainly could be a sizable rally right into the “wall of china” polarity principle.
hope you had a great week ….get some.