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Good evening folks!
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EURUSD
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I want to focus on the alternate count this evening.
As shown circled in red on the short term chart;
this wave count views the current action as part of a three wave rise in wave [ii] green.
Wave [ii] would be a flat correction,
with a 3,3,5 internal structure.
So far, the action off the low at 1.1215 can be classified as an ongoing correction.
And the fact that we have not seen the expected acceleration lower in wave 'iii'
does favor the alternate count.
Tomorrow;
If the market turns higher and break 1.1435, that will trigger the alternate count and we will have to wait again for wave [iii] down to begin.
However,
The current wave count still stands,
And if the market breaks 1.1215,
that should confirm wave 'iii' down.
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GBPUSD
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Cable has again moved lower in todays session.
with the price inching closer to support at 1.2697.
If we see a break of that level,
it will go a long way to ruling out the alternate count.
So for now I am sticking to my guns in cable
and watching for a larger decline to begin in wave (iii) of [iii].
Tomorrow;
A break of support at 1.2697 will confirm wave '3' of 'iii'.
Then we should see a a run down to 1.2500 at a minimum.
This is where wave (iii) brown reaches 162% of wave (i) brown.
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