ERUGBP Chart Technical Outlook DeMark posts a correction 9 count
I was looking at this cross yesterday for the impulsive breakout over double bottom formation. I did not get a full signal.
Although we have seen an impulsive move to the upside, DeMark has completed a perfected 9 count. This has resulted in a stalling of bullish momentum. The previous resistance level of 0.8441, now becomes support. Bespoke support is located at 0.8441. A move lower from current levels could be considered as the BC leg in a Butterfly formation.
In conclusion, there is ample scope for a corrective dip. 0.8441 is prime support to take the cross to the completion of the Butterfly formation at 0.8484.
