What could happen from now on

So we have had a lot of volatility.  Actually I was swearing at myself because I have my platform with 6 pairs and in every single of them an analisys with fibs, trend lines, etc.   And almost everyone seems have  worked in this past month an a half. 

USDCHF, USDJPY, AUDUSD, USDCAD and of course GBPUSD and its high correlated mate EURUSD.  Those are the pairs that I follow.  I could post an update from all of those but in my current situation I don't see it possible.

Returning to our main analisys, GBPUSD.  Below is the weekly chart.  To have a bigger picture of the analisys, and due my lack of time to update the blog, this timeframe is adecuated.

I'm not really convinced of patterns but I've read about people that are very good at it.  A few months ago I assumed that we had a bullish Gartley but price continues to go lower and lower.  Remembering some elliot theory, we only have either, an impulsive (5legs) or a corrective waves (3legs). If we consider this, and if we assume that a downward five-wave impulsive movement is completed, then we must expect an upward corrective three-wave movement.  Bad news for the pound due this could mean that price should go a little high right now, but then a sharp decline could happen, to test the previous lows and even break them.

Next is the daily.

Once again, I've labeled some minor e-waves.  I know, I know... there is a mistake, but market analisys is not a exact science.  One level that I would like to remark is the 1.4478/73 obtained from the 1.414 fib extension from last swing, and 1.0 fib projection from wave-1.  Price crashed just in between @1.4475

Next is the 240 chart

Here I didn't post any note due is just to view what price have done since my last analisys.  I leave that channel and even a trend line, which seems that acted like a resistance level later (support became resistance).  By now, those lines are not valid.  I shrank a little bit the chart to include all price movement till today. We can see a 3-wave upward movement, though.  Does this mean that price should retrace?

Next post will be an update for my forecast, although I don't like that word. There's not such thing!

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Late gbpusd update from march7th

Greetings!

I have to apoligize about not updating my blog.  Between two jobs and an occasional consultant work as CNC programmer, not much time to do what I really want to do.

Past march 7th I had the charts labeled to upload but, one thing and another, I couldn't.   My previous analisys worked really well.  Below are those charts that I couldn't post. 

In the daily we can see that a wave 5 had completed at that time, nevertheless, price went lower later.  I suggested as next possible target the 1.4337 level which amazingly was reached.  More on that later.

Next is the 240 chart.  We can see there that my analisys was valuable and beyond that, accurated enough.

You may be wondering why to post out-of-date charts.  May have no sense to you, but it has to me.  The main idea of this blog is to keep a record of my thoughts and progress at this, so...

Around the world news move the markets.  I'm not a fundamental analyst, I have to agree with some principles, though.   Is it coincidence that Europe is struggling with their economies and we saw that price movement at this time... so much volatility?   I'm more focussed in technical analisys and to react at what I see at charts, rather than guessing what would happen if Greece is going bankrupt.

In a little while I'm going to post up-to-date gbpusd charts and analyze what I think could happen from now.

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