Traders,
GBPUSD dominant trend remains Bearish in WEEKLY chart.
Since 7/10/2016 , it developed into a corrective 5-3-5 pattern EW ZigZag.
1 - Wave-A developed into a 5-wave motive structure, ending at 1.27750
2 - Wave-B developed into a 3-wave internal correction ending at 1.19840
3 - Wave-C is initiating a probable 5-wave structure. This is expected to conclude as a motive wave.
-If price bounce from 1.2600 area, watch for long setups, target 1.272 Fib extension of (iv) wave (1.31670), possible last (v) wave.
-If price initiates a flag near 1.2600, watch for short setups, a possible break down and the start of next impulsive wave.
Trade with discipline
Best
GBPUSD dominant trend remains Bearish in WEEKLY chart.
Since 7/10/2016 , it developed into a corrective 5-3-5 pattern EW ZigZag.
1 - Wave-A developed into a 5-wave motive structure, ending at 1.27750
2 - Wave-B developed into a 3-wave internal correction ending at 1.19840
3 - Wave-C is initiating a probable 5-wave structure. This is expected to conclude as a motive wave.
-If price bounce from 1.2600 area, watch for long setups, target 1.272 Fib extension of (iv) wave (1.31670), possible last (v) wave.
-If price initiates a flag near 1.2600, watch for short setups, a possible break down and the start of next impulsive wave.
Trade with discipline
Best
Note
Looking for the last fifth wave up Note
4th corrective wave will complete soon.Watch for next impulsive 5th
Note
Note
Correction Note
Looking for shortsTrade active
Trade is active, entry price 1.31120, If you are not in, watch for the break if the flagTrade closed manually
Closed at BE. Didn't get the break of the flag for a further drop.
Instead now it looks bullish.
Note
Good up move after the break of the flag, price of daily trendline.Note
Pattern is close to complete.
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Related publications
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.