GBPUSD Week 14
We are in wave 5 of the upward daily/weekly trend
In 4 hours we can see that within wave 5; wave 1 has finished with divergence visible between wave 3 and 5 of wave 1 of wave 5
now it seems that wave 'a' of wave 2 of wave 5 is in progress which should move downward to around 1.382-1.385 i.e. 61.8-78.6% retracement levels.
within wave 'a', wave 3 of 'a' seems to have finished and retracement in wave 4 of 'a' is in progress to be followed by wave 5 of 'a' in downward direction before wave 'b' correction retraces the prices in upward direction to be followed by wave 'c' of 2 in downward direction.
There are two options right now either to enter short around 1.4035 in wave 5 of wave 'a' and take the profit around 1.398. Other option is to wait for wave b to end and then enter short in wave c
Entry point: 1.404
SL: 1.421
TP1: 1.397
TP2: 1.392
TP3: 1.383
Be ready for a long opportunity immediately after end of wave 2
In 4 hours we can see that within wave 5; wave 1 has finished with divergence visible between wave 3 and 5 of wave 1 of wave 5
now it seems that wave 'a' of wave 2 of wave 5 is in progress which should move downward to around 1.382-1.385 i.e. 61.8-78.6% retracement levels.
within wave 'a', wave 3 of 'a' seems to have finished and retracement in wave 4 of 'a' is in progress to be followed by wave 5 of 'a' in downward direction before wave 'b' correction retraces the prices in upward direction to be followed by wave 'c' of 2 in downward direction.
There are two options right now either to enter short around 1.4035 in wave 5 of wave 'a' and take the profit around 1.398. Other option is to wait for wave b to end and then enter short in wave c
Entry point: 1.404
SL: 1.421
TP1: 1.397
TP2: 1.392
TP3: 1.383
Be ready for a long opportunity immediately after end of wave 2
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