Hi guys,
I will update GBP USD next around June 22. As it stands right now, the alternate bearish count with ITD 11 inversion seems to be the correct one. A break below 1.58 would confirm the position of LTD 15 at ITD 11 high.
For now, while waiting for next turn in GBP USD, enjoy this GBP JPY Delta chart.
6 comments:
Thank you Cmellon for all of your help!
JTownM
You're welcome JTownM
Thanks Cmellon for the high quality analysis. I have always found your analysis helpful in trading. Does the break below 1.58 in GBP/USD and 154.85 in GBP/JPY would confirm a significant top in place(so one should look for short opportunities!) please tell.
Hi hemant,
Yes, you are correct.
Hello Cmellon,
I just found your blog today. I myself am
a long time follower and trader of Delta. I was
wondering if you ever looked into Steve Copans
Market Matrix which is an expansion and
embellishment of Wilders original Delta
theory. I personally found that the Matrix
material allowed me to become much more
acurate in my Delta forecasts and trades.
TJD
TJD,
Yes I am familiar with Copan's Market Matrix. I learned Delta through his MM training CD. Despite the different name, to me MM concept is just a combination of Delta, Elliot Wave, and fibonacci. Delta for timing and EW and fibonacci for price level.
To make it officially different, MM has different numbers of turning points compared to official Delta, and then call the turning points with different names (MC1 for ITD, MC2 for MTD, etc).
The heart of the concept is the same.
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