peterdcharlebois
Short

EURGBP --- Has it topped for now?

FX:EURGBP   Euro / British Pound
I like the larger shape here, the way the price action spilled out of the narrow channel and came back to rest up against it.
- Wave 4 left the narrow channel and
- wave 5 (if complete) only made a slight new high above wave 3
- Plus wave 5 appears to be ending in a Diagonal.
These are characteristics of very common Elliott wave structure.

This also represents a "Double Top" reversal pattern.
Trade closed manually: As the current move down looks a bit too much like an ABC I took my profit. In retrospect I should have only closed 2/3. But I am over 1/1 ratio for money management so its' a good trade. I will re-enter if the downtrend resumes.
Comment: A drop below .7830 may prove interesting
Comment: Hmmm. Made a slight new top and then reversed. Tricky pattern. There may be a few pips to pick up.
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