Still correcting short move

Okay. I believe the GBP has finished five ways down and is currently retracing. From the chart you can see that I anticipate the correction to carry up to about the 1.5880 area. this will complete the five waves of C wave. From there the short trend should resume. I don't think that will be till next week sometime. The cirtical points are 1.59967. Price must stay below this point for the near term bearish forecast to remain valid. Also, price must break 1.5670 before breaking 1.5507 for the outcome that I have hypothesized to remain valid. A first break of 1.5507 before 1.5670 would mean the correction is likely over and the short trend has resumed.

Still correcting long. Last push

Sterling should make a new high above 1.5701 and reach the target retrace zone I outlined in earlier posts of 1.5711 to 1.5776. Once that movement is over, I believe that will complete a 5 wave ending diagonal that began on 8/15/10 at 19:00. Since that pattern denotes an end to the correction I expect sterling to resume its decline. A good first target for profit on shorts will likely be around 1.5390. Hard to give an exact point now as wave 2 is not over yet.

Triangle and then correct long

I still think the GBP will retrace to above 1.5680 and likely my first retrace zone from the previous chart. In this chart you can see we are coming out of a triangle. this move shoudl prove terminal and then the move long later this afternoon or early evening.

GBP Ready for a retrace but trend likely to remain short

I think the GBP is ready for a significant retrace. An extended first is my top count but the count may be more bearish. I have indicated retrace zones for both possibilities.