It seems like 5th wave of 1st larger impulse wave is completed and first correctional wave down has started . Since B wave did not go above 61.8 of wave A it can be ZigZag correction of 5-3-5 . So first set of 5 waves are started and we are in the start of 3rd wave of first 5 waves and according to Elliot wave Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2. So lets see how it pans out. This is only for educational purpose and not a trade recommendation. Any inputs or suggestions will be highly appreciated. Thanks and good luck to all fellow traders.
Comment:
1st target of wave C is achieved .Now if it is 5 wave correction then next target will be 1.618 extension of wave 1 or wave A price will be 1.29789 .GBPUSD usually end between 1.50 and 1.618 So it should end somewhere between those two levels . So of the safe side 2nd profit should be taken at 1.3000 psychological level
