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Long Term $GBPUSD - Go Long SoonAccording to the Commitment of Traders report, Commcercial banks were start shorting the GBPUSD back around August 11-18. The price is now lower than when it was during August 11-18 which means they have profited off of those short calls back then. Just recently they started longing the GBPUSD and we saw that if we look at the build up of the lows of last week to the blast off during the London session. Looking for a retracement that I placed a fib on from the August 11-18 high's to the last week's lows and we're looking at a re-entry somewhere between 1.27290 and 1.28200. But when you're looking to end up with a couple hundred pips, hopefully between 1.3300 and 1.3400, in a few weeks, I think a one hundred pip window is a decent window to look for an entry. Usually the low of the week happens during this time so I'm taking a nap to wake up for the London session to see if I can't get a great entry on a long swing trade. Here's the CoT for reference. www.barchart.com I have the opposite sentiment for EURUSD as the CoT's have been shorting that since March, and the same for EURGBP.
Long
by BodiesXWix
Elliott Wave View: Further Downside in Pound SterlingElliott Wave View of Pound Sterling (GBPUSD) suggests the cycle from September 1 high remains incomplete. The decline from there is unfolding as zigzag Elliott Wave Structure. Down from September 1, wave (A) ended at 1.2761 and wave (B) ended at 1.3007. Internal of wave (B) unfolded as a double zigzag Elliott Wave structure where wave W ended at 1.2919, wave X ended at 1.2813, and wave Y of (B) ended at 1.3007 Pair has resumed lower and broken below wave (A) low suggesting the next leg lower in wave (C) has started. Wave (C) lower is currently in progress as an impulsive 5 waves. Down from wave (B), wave ((i)) ended at 1.2863, and wave ((ii)) bounce ended at 1.3. Pair then resumed lower in wave ((iii)) towards 1.2773, and wave ((4)) ended at 1.2824. The final leg lower in wave ((v)) ended at 1.2711. This move also ended wave 1 in higher degree. Wave 2 bounce has also ended at 1.2866 and pair has resumed lower in wave 3. Down from 1.2866, wave ((i)) ended at 1.2674, and wave ((ii)) ended at 1.2777. Near term, while bounce stays below 1.2866, expect pair to extend lower. Potential target lower is 100% – 123.6% Fibonacci extension of (A)-(B) at 1.211 – 1.222. Alternatively, wave 1 can end at 1.2674, and pair now can be in wave 2 rally to correct cycle from Wave (B) high on September 16 in larger 3, 7, or 11 swing before turning lower again.
by Elliottwave-Forecast