Long

Almost time to long the pound again

Updated

As seen in my analysis, we're currently in a flat, making a 5 wave to the upside to complete our C. Now expecting a correction to the downside to put in our 5th wave so then we could make a bottom and get a nice impulse to the upside (which should be short lived).

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As the structure progresses i suspect that this breakdown will probably go lower than what i have put in on the chart.. maybe 1.291, then we bottom for the impulse.

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either we top here or i'm just wrong on my whole analysis. Currently counting this as: (A) 3 wave move, (B) 3W and C as a 5W move, making wave 2 a flat. I will short again if we break 1.30200 with stops at 1.30300.

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short again!

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didn't go well again. after giving some more time for the structure to develop for further evaluation, i've come to conclusion that this last wave, has a high chance of truncation. As we can see, it's printing a series of higher highs with lower highs followed right after, making it a bullish structure. Also from an Elliott wave point of view, seems that it's creating a series of '1' and '2', giving me more confidence in my analysis. The pound has a high chance of bottoming here

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how i'm playing it

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Looking very much like a leading diagonal to me. Of course, they are rare, but i can't rule out this possibility. Lots of confluence indicating that this could be the case. Expecting some retracement now so then we could get just one more push to the down side to put in our wave 2

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sorry, expanding leading diagonal*

Mrbruno

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