GBPUSD - Forex Majors | Elliott Wave Patterns | November 2019
GBP/USD - Elliott Wave Technical Analysis
Structure & Degree: Complex Double Three in Intermediate Degrees (W)(X)(Y) (pink)
- Intermediate (W) (pink): Zig-Zag with Leading & Ending Diagonal
- Intermediate (X) (pink) : Complex Double Three in Minors WXY (turquoise)
- Intermediate (Y) (pink) - Simple Flat formation, with a Leading Diagonal in Minor A (blue) & a Complex Triple Three in Minor B (blue)
Minor B (blue) incomplete, Minor C (blue) pending support
Triple Three Structure:
- Simple Flat in Minute w (purple)- 3-swings Sequence Minute x (purple)
- Zig-Zag in Minute y (purple)- 3-swings Sequence Minute x (purple), interruption/bridge
Current Position & Pattern:
- Minute z (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
- Intermediate (Y) (pink) continuation: Minor C (blue), Bullish 5-wave Impulse
Technicals & Confirmations:
- 50% or 61.8 Fibonacci Retracements of Minor A (blue)
- 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
- Bullish Divergence at Support
- Bullish Harmonic Structure
Structure & Degree: Complex Double Three in Intermediate Degrees (W)(X)(Y) (pink)
- Intermediate (W) (pink): Zig-Zag with Leading & Ending Diagonal
- Intermediate (X) (pink) : Complex Double Three in Minors WXY (turquoise)
- Intermediate (Y) (pink) - Simple Flat formation, with a Leading Diagonal in Minor A (blue) & a Complex Triple Three in Minor B (blue)
Minor B (blue) incomplete, Minor C (blue) pending support
Triple Three Structure:
- Simple Flat in Minute w (purple)- 3-swings Sequence Minute x (purple)
- Zig-Zag in Minute y (purple)- 3-swings Sequence Minute x (purple), interruption/bridge
Current Position & Pattern:
- Minute z (purple), bearish 3-swings or 5-swings sequence
Expected Swing:
- Intermediate (Y) (pink) continuation: Minor C (blue), Bullish 5-wave Impulse
Technicals & Confirmations:
- 50% or 61.8 Fibonacci Retracements of Minor A (blue)
- 161.8% or 200% Fibonacci Extensions of Minutes w & x (purple)
- Bullish Divergence at Support
- Bullish Harmonic Structure
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.