Hi guys,

For today just a brief outlook of GU as I see it now before London session:

On H4 my indicators are turning flat, with slight bearish bias indicating correction but not necessarily reversal back to longs. We are sitting on a key H4 supporting TL @1.6350 & so far it looks like holding. I will be playing the retracement scenario today, buying small for targets up to 1.6480. That is the limit of the upside as far as I’m concerned, at least for today (which doesn’t mean i enter short but I will be exiting longs & stay out). H1 is so far supporting the correction plan with divergences on RoC & stoch while MA’s turn bullish right as I write this. The MA system on M15 gave me the entry @1.6390, stop is now 6368 – however I will need this trade to advance fast in the next hour to get me off the hook.

Elliott-wave-wise I am seeing this move as a flat correction started @1.6346 – the current bullish wave if confirmed & sustained should be the last leg up before an aggressive drop (W3 red on H4).

Good luck! ;-)