The market is a great teacher. One has to take victories with the humility that next time one could be terribly wrong. Have we nailed the Sterling correctly yet again? Perhaps. But we will never know until the rest of the market is convinced. Right now the top has held quite nicely. But remember that strong bulls seldom die without a fight. We need to have the nerve to stay with the view, and the wisdom to get out if proved wrong. First supports now lie near GBP/USD 1.5530, but if we go any lower, perhaps it will be time to write the obituary of the Sterling Bull and rejoice the birth of a new baby bear.
Sterling Pound Elliott Wave Analysis 29 July 2010
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