EUR/GBP - Red wave ii ended a little lower than the expected 0.8251, but more importantly support at 0.8243 (the starting point of red wave i) was untouched and I will now be looking for a break above the small reflex point at 0.8277 indicating that red wave iii towards 0.8365 is unfolding.

EUR/GBP - Short term count

Red wave ii ended slightly lower than the expected 0.8251 (the low has been 0.8246). I'm now looking for a break above the small reflex point at 0.8277 as the first good indication that red wave iii is unfolding for a rally towards 0.8365 and maybe even higher.

Remember rule no. 1 of the Elliott Wave Principle, that says that wave two is not allowed to break below the starting point of wave one, which in the smaller degree count is at 0.8243, while in the larger degree count is at 0.8154.

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