Sep 7th – GBPUSD

  • Posted by Houssine
  • Date September 7, 2022
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Even though there was a large decline yesterday, my last comments stand. Please do notice that in the 4 H chart the RSI has formed a Hook forecasting higher prices ahead.

From yesterday: “I said yesterday that a case of a bottom could be made in different time frames. Pound appeared to agree with me and has formed what appears a temporary bottom. The P&F turned to bullish to confirm the interpretation. However, even if my labels are correct, they are also calling for a recovery in red wave ((4)) only. That means that the view is still bearish, although short term it appears to have changed to bullish.

I have been suggesting to stay out of this market for some time. And I believe we were correct in doing so. Let’s stay out a bit longer…”

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.