My Elliott wave analysis on GBP/USD
Here's my perspective on the GBP/USD using the Elliott wave analysis; Disclaimer: This is just my idea on the current direction of this particular market, by no means is this financial advice, please do proper research. Thank you!
It is seen that the market has been able to complete the (12345 wave) count, and its presently at a corrective stage, i.e. (ABC),specifically at 'C', also the wave shapes seem to be Zig-Zag in nature, telling me that the final leg of the corrective wave, 'C' will have to undergo a 5-stage sub wave, i.e. Zig-Zag wave(5,3,5).
The markets is in first sub wave stage in the 'C' leg which is an impulse to the down side before a correction, and thus the sequence continues till the setup is complete . Using the Fibonacci retracement tool, my prediction of the length of the wave 'C' would most likely be at 1.618(1.34039),seeing that the length of the 'A' leg would be identical to the 'C', i.e. (of equal length).
It is seen that the market has been able to complete the (12345 wave) count, and its presently at a corrective stage, i.e. (ABC),specifically at 'C', also the wave shapes seem to be Zig-Zag in nature, telling me that the final leg of the corrective wave, 'C' will have to undergo a 5-stage sub wave, i.e. Zig-Zag wave(5,3,5).
The markets is in first sub wave stage in the 'C' leg which is an impulse to the down side before a correction, and thus the sequence continues till the setup is complete . Using the Fibonacci retracement tool, my prediction of the length of the wave 'C' would most likely be at 1.618(1.34039),seeing that the length of the 'A' leg would be identical to the 'C', i.e. (of equal length).
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