Wednesday, October 26, 2016

Interesting British pound model update [FXB]

Back in this post I theorized that the US markets could fall with the British pound.  While that correlation didn't hold (as many often prove not to) the underlying model of the Great Britain Pound seems to be playing out almost exactly as modeled.  Here is the model provided back then which predicted a plunge would be coming in the pound. 

Here is current actual.  It shows that the pound peaked shortly after I made that post and the high was about $1.69 dollars to the GBP.  While I think the pound gets a bounce soon, it still looks to have one more wave down before it bottoms and then becomes a screaming, flaming buy.  Why???  Because the presence of the horizontal triangle literally guarantees that we are on the final wave of this sequence.

By the way, nobody else was calling for a collapse in the pound at that time.  Only the Elliott wave model predicted it.  That's the simple truth of the matter.  Elliott waves work.

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