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Well, I should have known it couldn’t last. The market was just way, way too fun to trade through July and August. That all stopped after August 21. That may sound odd, since the “crash” (long since forgotten) was on August 24, but the 21st is when things stopped being crystal clear and easy-to-short. It’s been a struggle since then.
Most recently, breakouts have started taking place on various asset classes. The ES sneaked above its resistance level today, and now it’s in the clear for an easy lift to 2020, 2050, or beyond.
So far, GBP/USD has rallied into the 61.8 extension off of our potential wave (i) up for a possible (i)-(ii) i. We are now looking for a wave ii retrace into the 1.5451 – 1.5405 level for a potential entry of a short term long position for wave iii of (iii) up. Initial targets for wave iii com in around the 1.5706 – 1.5751 with targets of wave (iii) at the 1.5823 – 1.5939 zone. Invalidation of this setup comes in with a break under the 1.5294 level.