GBP bounce coming?

The British pound is coming up on some support that comes in at 16785 and I'm expecting a bounce back to the 169-170 price target.  

dec corn quick update

above weekly corn

 

Here are two corn charts.The one above is a weekly chart and the one below is a daily. As you can see we are in the final stages of the 5th wave down in what appears to be an expanded flat for a wave 2 as seen on the weekly chart. The question is where will this 5th wave end. it very well could end somewhere in the vicinity of 3.00but do we get a bounce before then. my feeling is yes but we will get a possible wave 4 of the fifth wave and it should correct deep most likely back to around the 4.00 again we will have to wait and see.

interesting to see that both commercials and large specs are long this market. The only ones that are short? u guessed it small specs

sugar update..... deep zig zag for wave 2????

Sugar still is grinding lower as of this morning in a possible wave 2 deep double zig zag.... for this count to remain we will need to see the low that was made on this contract (oct) hold at 15.72 . If we do infact hold then a push back towards the high will set up the wave 3 to the 22-23 mark. but first Lets see if we can get an up day. 

There is a pattern that is repeating with commercials and large traders.... can you see it ?  the small trader is also reaching an extremely short position which again makes me think that the next big move higher is getting ready to play out.

we will see

euro trade update.... still some room on the upside?

As you can see we are pushing lower in the $EC and my buy is still in effect as the commercials are showing a extreme net long position and large traders are showing a extreme net short. what concerns me at this time are the small traders and are at an extreme net short also.  i'm looking for a break back to the upside in the coming days. this actually works well with the current count as i have a triangle forming. The d wave could have possibly completed just over 139 or still has some room back to the upside. a break back over 13515-20 and hold will be our first clue this d wave is not quite over yet.


Current position long from 13375-13360  

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