The British Pound Gets Shredded!

 

b6z16-oct-7-2016

 

The single little down spike we had in the last few days, is enough to force an entire wave count review, as far as I can go back in chart history. Wild, huge and overlapping waves do not make a good bull market, and the physical size of these waves sure can fit into a Cycle degree triangle. We could be crashing down into an “E” wave in Primary degree after which the GBP could go on rocking bull market, that nobody would be expecting at this time. Looking up or down any idealized wave count, gives wave counters the edge, but if we have no clue how to draw even the basic patterns from memory, the forecasting power of the EWP is moot at best. 

I believe that the US dollar has already begun its Cycle degree trip north and the GBP will follow. This may still take the rest of the year or more, and when we are getting close to the end, the GBP bears will dominate the news headlines. Do not let that fool you when the time does come, as it will be a classic bear trap of humungous proportions.  

Take any Cycle Degree IV wave bottom and we should get five waves up in Primary degree. Of course our visions of 5 waves in Primary degree all differ between analysts. I always use the wave 3 extended version first. Being prepared far ahead of the crowd is what the EWP is all about.  I have to do a bit of hunting for a good idealized triangle chart, but many, if not all of them are online already.  

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