EURGBP potential wave count

This is my view on EG potential moves to follow, we made a weekly impulse up and now we are in the weekly ABC correction. Within the ABC weekly correction we can see an impulse down as a daily A wave and a 3-3-5 wave as a daily B wave. It is my strong believe that we just finished B wave and with the recent downmove we have started the C wave which as well the A wave should be a 5 wave wave. So, if we are in the 1st wave of C we just have to wait for the 2nd wave to correct the first, which has to be a 3 wave wave and we can sell for longer term for at least 800 pips down.

Please be aware that the 2nd wave could retrace the whole 1st, therefore be cautious when you pick your entry point. Trade your own entry strategy, do not wait for others to tell you what to do. I will update the chart in the moment I enter the trade with SL and TP targets well defined. In this moment this chart is only a directional forecast, there is no sell or buy setup on it as yet.

Comment:

Short idea for the C wave down is still valid, structure didn't changed as yet. There is a small buy setup forming to finish the 5th wave of the C of the B, in that sense you can buy a dip as shown in the following chart, but take profit when reaching the 127% of the previous impulse which is in confluence with the daily 78.6%, a very strong confluence area of Fibonacci ratios. From there you can watch for a small 1h impulse down and a flag, and selling it for the C move which will be a hell of a trade.

Trade closed: target reached:

Reached the short term buy position target in a very impulsive manner, i will look now either for a reversal pattern or a continuation pattern... a reversal should begin with an 1h impulse down followed by a flag and then the long term short will be active. I will update it when either of the setups unfold.