EURGBP - LT bull

Larger scale 5 wave pattern attempting to make the 5th wave (roman numerals). Smaller, still large 5 wave pattern complete (numbers). The smaller 5 wave is now looking for a correction. We have A and B, so we can measure the move for C, which would lie at around .875. The creation of point C would break through the descending trendline, which would also indicate further moves up in the long term. Lower time frame view shown below.

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Price completed 5 waves on the lower time frame. We can already see a move down, and it looks like there might be support very soon, which would formulate the A correction. If that is the A, we should see a move back up into the short term resistance, which would also create the right shoulder for a head and shoulders pattern. We can expect a measured move down to C, from which point a long may be a good idea. Price should not fall below large font "b".

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Big picture view.

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Price made a deep retracement after a mini 5 wave pattern. However, prices are still above the main "B" correction, and it stopped right at the 78.6% retracement which intersects with the broken trendline. Entered long with stops below "B", and holding until we see the "C". I took a very small position to mitigate the risk from brexit.

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And just a few weeks later...we're almost at our C.

lawlee9

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lawlee9