EURGBP broke the previous highs indicated by the rectangular box through a 5 wave pattern that also completed the abc formation as you can see from the labels. The break of the highs indicates that we can see a move higher. From a higher TF context, the abc movement was just a corrective structure to the impulse from the .72500 levels. Next logical target since breaking the previous highs would be found at the 38.2% FIB level at around .823.
After forming the c of the previous 5 wave structure, I think we established the 1 and 2 for the next 5 wave structure, so I FIBed ahead and the levels seem to work out correctly with the current structure. Looking to long on a retrace to the 50% FIB level and target the previous highs at around .8100, but ultimately targeting the .823 level..
After forming the c of the previous 5 wave structure, I think we established the 1 and 2 for the next 5 wave structure, so I FIBed ahead and the levels seem to work out correctly with the current structure. Looking to long on a retrace to the 50% FIB level and target the previous highs at around .8100, but ultimately targeting the .823 level..
Comment:
Failure to break below .79063 will setup for another move up to create the 7th wave. If this happens then we should expect 9 waves, possibly 13 waves to the upside. Targeting at least .8000 as first target.
Comment:
Price rallied and made a higher high indicating more movement higher. However, it looks like it's going to fall back before the next move. Entry at .78422 still looks good.
Comment:
We saw a very deep retracement after the 5th wave. Much more than expected, but we see prices respecting the levels here. I went long as price touched the 78.6% retracement and with the touch of the trendline. We should see nothing but up from here to finish off the C wave of the larger TF.