The Pound Ellipse failed. That rarely happens. Especially with that many points of contact. However, when the pattern does fail the time mark usually holds which it looks like it might. Going back to a natural cycle wave count method, I should have seen that there was a conflicting signal with the ellipse.Ironically, a Euro ellipse I had drawn going to the upside that I thought would fail is playing out. Again, I should have acted on the conflicting signal and the 2-1 vote against the pound. Luckily, only one of the orders triggered for a loss. That's the good thing about using stop and limit orders.
On further analysis the fib bar count did work. I just missed the sign to look upward. I was too caught up in the ellipse pattern to think otherwise. 7 of the 8 previous bars were down and the last bar was down, so why I was looking to go short, is beyond me. The reversal was clearly going to be to the upside since the consolidation seemed to absorb any downward momentum. If I get time, I'll post some charts that all seem to be on the same side this time. Squares of 144, more ellipses, and the dollar index. I've got some short orders waiting on the down side on both pound and euro.
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