GBPUSD - H1 - Elliot Wave
We have seen quite a rally recently on GBPUSD with various fundamental changes spurring the explosive move upwards. Elliot Wave is something I have not really used before but am starting to look into it with more of an interest as it seems to be quite a powerful tool when the time comes.
From my basic understanding of it, we might have just completed the 5th leg of this move up on the hourly chart. If so, we could be in for an ABC correction (complex pullback), which given the velocity of the recent rally, could likely be welcome. If we do indeed start to pullback, I would ultimately be looking for a potential reason for a long entry around the 61.8% retracement of the bigger move.
From my basic understanding of it, we might have just completed the 5th leg of this move up on the hourly chart. If so, we could be in for an ABC correction (complex pullback), which given the velocity of the recent rally, could likely be welcome. If we do indeed start to pullback, I would ultimately be looking for a potential reason for a long entry around the 61.8% retracement of the bigger move.
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.