DAILY TECHNICAL ANALYSIS USD,EURO,GBP,JPY,DJI

Cable is still trading on the downside as wave ii has not been completed. Yesterday, we mentioned that the turning point may happen at 50% or 61.8% of wave i. The current prices bounced from 50%, but it may not be done yet because there is a double zig-zag formation developing. Double zig-zags are usually larger than a simple zig-zags so a push down to 61.8% or even 76.4% which is not shown here may happen especially as wave b and c of the second zig-zag develops.

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Gbp/Usd: Big Picture Elliott Wave