Waves labels table. Degree of our waves on charts may or may not match with yours, it is not an error.
Thursday morning, 13 july 2017. Today we take a short term look at FOREX. A large article about USD/Yuan is awaited in our next post.
The last wave in wave (A) looks complete, wave (A) top maybe already in place. Moreover, we can already see a first move down in wave (B), which has already reached its first target – triangle at the previous wave [v]. We have marked the nearest important fractals as probable targets for a downward move in wave (B). Definitely, BUY for euro is already out of fashion. Price direction has already changed for US dollar index, USD/CHF, USD/SEK and others euro-like currencies.
We wait for a decisive move down on pound in wave 3. Recent large climb is treated as wave 2 end by us. Since wave 2 end we have counted an initial triangle, so move down will continue. Current situation could be a place to SELL GBP against USD with a stop loss level at the top of wave 2. If our count is right, then price would not break this level anymore. This SELL position should be held all wave  down.
Our alternative count published at the previous article is more correct. The fifth wave of CAD extends and extends. CAD has already got a fifth wave extension, and now this fifth wave has extended too. We present our count on the chart above. Wave (2) up should confirm our waves layout. Our assumption – USD/CAD should bottom and reverse up. It would be wise to close your SELLs at least partially.