BP, British Pound Bull Market In Progress?



If you want to see an extreme COT report then this is a good one. The top section are the bullish contracts which are the commercials.  As soon as I saw this COT report, I knew my bearish outlook is not going to keep going.  

I will still need to work back to 1970, but our August, 15, 2018 low may be a Primary Degree low, and a potential 5 waves in Intermedeate degree have started!   This will take a long time to confirm as it’s not clear if the correction has completed. At this time I don’t rule anything out, as wave 2 crashes sure can act this way! If a bullish phase is on, then nothing will stop the BP from consistently pushing higher. The BP should have little problem in slicing the top trend line, but the bottom trend line may not hold.

When we consistently get higher lows, and good corrective waves in them, then those are all signs of a bull!

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