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British Pound / U.S. Dollar

GBP/USD 4H ELLIOT WAVES/ ELLIOT TRIANGLES ABCDE

By RiosTrades
Price Action (Technical Analysis): After Analyzing our Long-Term Position Zone last week, we are speculating price in smaller time frames to assure us price is continuing to our Monthly Support Zone. Price is in a descending parallel channel targeting our Monthly Low, Wave 2 we have an ABC Correction. Wave 4 developed Elliot ABCDE Triangles. Calculating the end of Wave 5, we measure Wave 1-3 to measure out Wave 5's probable end with the Fibonacci Retracement Tool and use the 61.8% measurement as resistance structure to our (E) Triangle in Wave 4. I am anticipating Wave 5 to end around the Psychological Level ( 1.23000 )

Fundamental Analysis: None.
Chart PatternsdowntrendelliottrianglesElliott WaveforextradingGBPGBPUSDgreenbackParallel ChannelTrend AnalysisUSDWave Analysis
RiosTrades

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