GBP.usd elections Spike not done yet? GU follow through possible
This is a follow up to my previous plot looking for a 216 pip jump (click).
GU spiked over 400 pips based on election results.
It is currently floating mid-band on higher tf fib.
Plotted are possible pathways and destinations.
$ 1.35677 - 1.35827 remains primary target.
$ 1.36347 - 1.36504 is new extended target.
$ 1.33513 - 1.33628 is idea support to hold.
Previous Plot from before election:
Prior to that, we caught the $1.22 bottom:
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GU spiked over 400 pips based on election results.
It is currently floating mid-band on higher tf fib.
Plotted are possible pathways and destinations.
$ 1.35677 - 1.35827 remains primary target.
$ 1.36347 - 1.36504 is new extended target.
$ 1.33513 - 1.33628 is idea support to hold.
Previous Plot from before election:
Prior to that, we caught the $1.22 bottom:
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Comment:
Pullback Continues.
Pullback is heading towards our first zone of interest:
Zoom IN on the retrace with Fib added:
That first drop has clearly designated the "Pulse" of the retrace wave.
Numerous Pings within the Impulse Range (.618, .236 retracement levels).
Most often the -0.236 is the default "overshoot" of any wave (perhaps the w5 of a microscopic 12345).
In this case we see it:
1) trying to cling to bottom of Impulse zone,
2) then fell thru -.236 but not quite to -.382
3) just confirmed the -.236
So we have a well confirmed "Imuplse" and one "Ripple".
Back OUT with new fib added to exsiting fibs:
I can adjust the zone of interest, to include the new Purple -0.618 as top bound, and high tf green 2.618 as bottom bound.
Further, I can add some new zones of interest
Just in case it goes that deep.
Back OUT to original scale, we have one most likely bounce zone
along with some backups.
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Pullback is heading towards our first zone of interest:
Zoom IN on the retrace with Fib added:
Numerous Pings within the Impulse Range (.618, .236 retracement levels).
Most often the -0.236 is the default "overshoot" of any wave (perhaps the w5 of a microscopic 12345).
In this case we see it:
1) trying to cling to bottom of Impulse zone,
2) then fell thru -.236 but not quite to -.382
3) just confirmed the -.236
So we have a well confirmed "Imuplse" and one "Ripple".
Back OUT with new fib added to exsiting fibs:
Further, I can add some new zones of interest
Back OUT to original scale, we have one most likely bounce zone
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Comment:
Ping
Nice
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Nice
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Comment:
Uh Oh.
Breach of support seems imminent
Oh well, got 35 pips on the bounce anyway.
But lets see where this goes, no entry on second bounce hopes, but it might.
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Breach of support seems imminent
But lets see where this goes, no entry on second bounce hopes, but it might.
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Comment:
Breach and Retest of the support lower bound
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Comment:
Got a soft Ping on one of the new supports zones added above
Looks like the Purple Fib is exerting control.
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Comment:
Retrace Update
So it bounced off the green 2.236 which was reinforced by the -1.382 extension of retrace
At this point I can imagine coming down a bit before continuation up
Perhaps a retest of my original support zone based on the green 2.618.
Lets see how it moves from there.
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So it bounced off the green 2.236 which was reinforced by the -1.382 extension of retrace
At this point I can imagine coming down a bit before continuation up
Lets see how it moves from there.
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the Golden Ratio is my Religion
the Trading View is my Nation
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the Trading View is my Nation
the Moderator Tag is my Flag
Just got another Ping on the Green Fib of spike
If it falls through the 3.236, then observe the fib below, Green 2.618 which is the top bound of pre-plotted green zone.
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