The ABC (AB=CD) is a continuation pattern, and the end can be found by using a parallel channel or measured move. 1.3075 is the first level of resistance; the rest is on the chart.

Coreg's EW+HP+D/W Range

GU was unable to hold the 1.3140 level, and a long-term target #1 was hit overnight @1.3079. The drop might not be finished yet. If GU is unable to hold the bottom channel's TL, the next target is in play.

Coreg's EW+HP+D/W Range

The DXY is also at a tough spot. image

Coreg's EW+HP+D/W Range

Update...GU is approaching a tough resistance zone. image

Coreg's EW+HP+D/W Range

As long as Friday's low holds, I'm looking for target #1 @1.3170 to the upside. Otherwise, if the low is broken, we target 1.3079

Coreg's EW+HP+D/W Range

Here are Meathead's nurses...

Cable Update (GBPUSD)

I should add that in the previous post, I referred to swing trading, staying 5-10 days in the market. Day trading with a 15-40 pips objective for the day is a different animal. We can swing back and forth during the day.

Coreg's EW+HP+D/W Range

I wouldn't rush with the counter-trend trade as long as GU prints red bars on the daily TF. But it's me. Yes, we can be close to reversal, at least for a small bounce, but now 1.3140 is the major obstacle. Where do we have the most liquidity? At ...

Coreg's EW+HP+D/W Range

Meathead, good hunting for longs.

Cable Update (GBPUSD)

GU dropped below the bottom channel's TL on trigger TF(5M)

Coreg's EW+HP+D/W Range

Chart with updated NY Open level.

Coreg's EW+HP+D/W Range

Nothing new with GU, 1.3079 is still my target.

Coreg's EW+HP+D/W Range

As long as PP @ 3989 holds the target #1 @4059 is in play. Gold tried to overcome the supply zone set on Monday twice; maybe the 3rd time will be the charm?.

Coreg's EW+HP+D/W Range

Possible AB=CD pattern in making. The first target @4059

Coreg's EW+HP+D/W Range

Hasang, I'm a pattern trader. All of them are on the first page of my thread, together with the explanation. For more information on trading harmonic patterns, please visit this link... url Here is the step-by-step plan for Elliott waves. url

Coreg's EW+HP+D/W Range

The DXY is close to a minor resistance zone.

Coreg's EW+HP+D/W Range

The second resistance zone on this TF held overnight. The objective for this leg is 1.3079 from the daily TF.

Coreg's EW+HP+D/W Range

Meathead, your "gift" will always be in the same place. image Here is the chart I posted in my thread on Sep. 24 before I edited today's chart. image

Cable Update (GBPUSD)

Crazy after the statement.

Coreg's EW+HP+D/W Range

Leon may need the seatbelt.

Cable Update (GBPUSD)