We have now completed 7 swings to the upside from the April low. This correction could now be over, or we could see another push higher to complete a complex triple zigzag correction. A break below wave x low (1.7820) would indicate that the correction is indeed over.
If we see a corrective move that ends above 1.7820, look for a move towards new high and the 1.85/87 area, from where we should end wave z.
In the short term, we have completed a 5 wave decline followed by three legs in the upwards direction, so we should see at least a move lower as 1.875 high remain intact.
My personally opinion: looking at the AUDUSD, it looks like we have completed the first leg to the downside. This leg was very short, in time and price, so the AUDUSD should see more downside. This combined with the assumption that GBPAUD shouldn't gain much more, warns that we could see a turn in the GBPUSD,
agree, Have just looked on GBP crosses and all are done, perhaps just with exception of GBP/USD and GBP/JPY where may be some potential to the upside due to USD and JPY weakness...
Regarding GBP/AUD: there is a channel in longterm view. I scratch my head whyt it is from the the Jan 2014 high... does not look very impulsive. And that is what I do not like...
traderWgun
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GBPJPY have already decline in 5 waves, so I think it's also done. But I agree that GBPUSD could go higher still.
Sinuhet
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I still have GBP/JPY should go to 178... that could happen obviously only due to massive YEN weakness. So far nothing happened :-(
But if we go under 172.5 that this pair would be done as well!
traderWgun
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yeah do is quite possible. But there is a good chance that we have topped out. I have a pretty good count for gbpjpy,
will posted it tomorrow.
Sinuhet
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Ok! 178 is based on a longterm count (weekly/monthly) Let us see tomorrow what you have! Good night
angrybear168
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a bit more to squeeze?
traderWgun
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the markets aren't perfect. in my experience exact fib targets gets hit very rarely.
But as I mentioned above, we could see another move higher to 1.85/87, but a correction first.
Good luck!
angrybear168
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with my system the exact 50% retracement happens to hit everyday for multiple time frames 1.819 for example that was the long entry via 50% retracement.
traderWgun
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That's impressive. I, for one, try to look for zones to entry/take profit.
We could end up hitting the 50 or 61.8 fib later on (depending on how
deep the retrenchment is), but for now I think we will hit min target at 1.8145 first.