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The current short term count still stands, which views wave 3 of ‘iii’ of (iii) about to get underway, the downside potential is very large under this interpretation. Any break of resistance at 1.0678 will be temporary, as this will likely only happen if wave ‘ii’ brown extends slighlty higher. A break of today’s low at 1.0551 will add serious weight to the bearish outlook, while a break of support at 1.0493 will cement the bearish wave count. - See more at: http://humbletraders.com/daily-elliott-wave-analysis-02-27-17-bearish-setup-in-gbpusd-and-eurusd/#sthash.rqUXHUTY.dpuf
The rally in GOLD off the wave (a) low at 1216 has so far traced out three waves. Fridays rally completed wave (b) in a throwover which came back down below the upper trendline immediately. For next week I will be watching for a developing wave (c) blue, which should trace out five internal waves and bring the price down below 1216 before completing. A drop below 1244 will add weight to this interpretation.
EURUSD traded down overnight to complete another impulsive structure to the downside. The break of 1.0520 has confirmed a solid downside bias in the market now. And has forced a slight rethink of the possibilities for the current structure off the recent high.
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