My previous count was almost invalidated this morning when my assumed wave 4 price dropped to a low of 90.724 just within the territory of wave 1. Although there is the 15% crossover rule for leveraged markets, I find it extremely rare that this occurs. I have for the last week been struggling to find a common ground between my own EW analysis, Asher's Ichimoku Analysis and Cmellon's Delta Counts for this pair. The conflict between the various counts means someone had to be incorrect.
Cmellon's Delta Count, has a MTD 8 arriving 15-20 days after MTD 7 which is now confirmed as being on the 7th of Jan. This fits in well with an X being in progress at the moment. Wave A and wave C are almost exactly equal, which is quite common, and gives power the the likelihood of this count. So the down move which I expect will be an X, should end between the 22nd and 27th of Jan. Before a larger up move, another ABC. Keep in mind X can be any consolidation pattern, not just a zig-zag. It may form as a triangle or even a flat.
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