if your a new reader, check out the below posts on the continuing saga of trying to get short the GBP vs USD:
http://bartscharts.com/2013/09/12/the-great-british-pound/
http://bartscharts.com/2013/09/18/the-great-british-pound-update/
http://bartscharts.com/2013/09/30/great-british-pound-update-iii-and-pumpkin-soup/
http://bartscharts.com/2013/10/22/the-pound-gorillas-and-juggling-dynamite/
http://bartscharts.com/2013/10/29/pound-negative-reversal-potential-long-term-chart/
http://bartscharts.com/2013/10/31/halloween-pound-update/
http://bartscharts.com/2013/11/02/great-british-pound-continues/
http://bartscharts.com/2013/11/05/jec-silver-past-fractals-and-the-pound/
http://bartscharts.com/2013/11/12/pound-foldback-updated/
so, where do we sit now? below you will find a daily chart of the GBP vs USD and, well, nothing has really changed. let’s focus on a couple things:
- the target we had “hoped” for is, quite frankly, still out there and rest at 1.6330. it is conceivable for one more push into that short zone.
- the analysis of a multi year triangle completing (big blue 4) is still alive.
- the move from 4 (big blue) down to the 1 (green) represents 1 0f 5 in a 5th wave decline that “should” take out the 2009 lows.
- most recent price action is viewed as a 2nd wave correction in a-b-c fashion. the 1.618*a = c level is at 1.6297 (never hit)
- here’s the most important part – the 2 month consolidation is either is 1) corrective and an advance to our long standing target will occur OR 2) the most recent high yesterday is “it” and we start down. I don’t know which is which but I do see a more favorable foldback than the one originally presented on 11/05.
the foldback can be seen here …
here is the 4 hour chart w/ a little more granularity …
will be trying to get short (again) on this potentially MAJOR move … our risk will be anything “closing” on a 4 hour – daily basis above our long term target OR above the 4 (big blue one). at that point I will ERASE everything an go back to the drawing board…
rock on, ok?
B