Recap Dropped lower as expected. Cable tried to bounce from Y-2 but failed to clear Y-1. That opened the door to Y-3 and below. By end of the week Cable finally gave in and flushed down to Y-4. Closed the week near Y-4 and week low.
Outlook Dropped to Sep low and below ahead of schedule pointing to further weaknesses short term. Best case scenario for bulls is a slight dip below B-1 and reverse sharply right after. That will give us B-0 to Y-2 in 1 go. But it may likely be the cap of this bounce.
For normal situation, we get a consolidation week around B-1 at 50% range.
Lawrence's Comment
Recap
Behaved similar to Dow in drifting higher with clear extra strength coming from short squeeze has taken NQ above Y+2. Tried hard to stay about the inside ...
Lawrence's Comment
Recap
Breached Y+1 early in the week telling us Y+2 in play. Pulled back around 15 points (not quite the 20 points from expectation), then zoom up to target. ...
Lawrence's Comment
Recap
Took off from support mentioned last week. Got target Y+2 and above. Closed the week above Y+2 and at week high.
Outlook
No surprise with the short term bottom. ...
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GBPUSD Oct 06 to Oct 10 Outlook
Lawrence’s Comment
Dropped lower as expected. Cable tried to bounce from Y-2 but failed to clear Y-1. That opened the door to Y-3 and below. By end of the week Cable finally gave in and flushed down to Y-4. Closed the week near Y-4 and week low.
Outlook
Dropped to Sep low and below ahead of schedule pointing to further weaknesses short term. Best case scenario for bulls is a slight dip below B-1 and reverse sharply right after. That will give us B-0 to Y-2 in 1 go. But it may likely be the cap of this bounce.
For normal situation, we get a consolidation week around B-1 at 50% range.
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