Seem clear $GBPUSD under pressure what looks clear is we get a run to 0.8750. However, downside may be over for a while if what I have as a B wave low is actually ED in which we are in a larger ABC to new highs ..see impulsive move to far left
That top bothering me looks like irregular top and we have not completed 4th wave yet ...we will see ..more upside but from lower
Hit my target so what it does for here is key ..Looking for a 5 wave move up with corrective PB to buy.
Few ways to count this . Here in 5th an extended 5th to target shown good risk reward for DXY short ie eurusd long , EEM long . The alternative where we will be completing 3 up of leading diagonal is bearish EEM and would be for metals .
Potential path still bullish below that 161.8 fib more circumspect
Blew through the 100% fib ..not bullish ..still expect a bounce at target . The nature of bounce will determine resurrection of possible bullish case . If we take out 61.35 in first wave of a 5 move up bounce then can be more immediately bullish again especially we hold the 50 back .
Thought this was shaping up as a LD but looks like heart of 3rd up
Through red resistance box and likely target 1.618 fib and would have me thinking about new uptrend
Best guess ..sure we get a bounce in low 60s but like this count
buyers stepped in aggressively right at C equals A ...bullish ...
Interesting that held must hold line to the tee published months back another wave up would pique my interest 3 up so far short term
The bigger level is major support blue looks like we will break yellow support
The end of 5 or just 1 of 5 complete ..PB looks due regardless
Close to new highs .taking out C high would make this a 5 up ..thus both entailing subsequent correction and new leg up