I said before that because ITD 9 is still several trading days away and due to the structure of the Elliot Wave of Dollar Index, there's a good probability that ITD 7 (5067) would be taken out. Today it is finally taken out.
We should be close to ITD 9 high now. My feeling is that before reversing, we may make one more rally to around 1.53 and probably due in the next two days. This last rally should clean up all the remaining bears as they would scramble and cover their shorts, and it would convert majority of people into a bull and buying dips.
Once most people become bullish, GBP may surprise once again by reversing as ITD 9 would most likely be also a medium term top (or even long term top). A long term top would mean that GBP is ready to move progressively lower to break 1.35. From Delta perspective, LTD 15 could either be due at ITD 9, or later on June. In Elliot Wave perspective, wave C of 4 could be due here at ITD 9.
