FX:GBPUSD   British Pound / U.S. Dollar
391 18 12
It is very difficult to make a wave counting and the old data is missing . But if we started counting from the top we can see a ZZ correction , we are in wave C now that has a trend down towred 1.24541-0.95523
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Comment: Becareful to trade this because after finishing wave C there will be a strong move down .
Comment: If its a 3rd wave its expected to move higher with price spike out the channel . IF id didnt dot that it will reverse down :
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Comment: Triangle is going on :
Comment: still in the down channel going to d :
Comment: moving down in the yellow area 15 minutes chart :
Comment: 5 minutes :
Comment: We reached the target of the yellow area in 3rd wave , then up in 4th wave :
Comment: The move down should not go beyond wave d , then will go up to wave e to finish the triangle :
Comment: Finished d and going up in e , this e wave expected to reach the yellow area or the upper trend but be careful as after this wave a sharp move down is expected to occure in wave 5 :
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Thanks for the input. Appreciated.
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hussain9 tomj2417
u r welcome
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SI1! (Silver futures) will give you a chart all the way back to 1971. Some interesting analysis and charts on GBP here. Thanks for posting. Do you think that the recent "flash crash" was a wave 3 of a wave 5 or was in fact a wave 5 of wave 3 (if that makes any sense) ?
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hussain9 tomj2417
Thank u very much brother . its not realy clear that wave 3 finished or not becauese we got some sharp moves , but sice we almost hit 161.8 fibo and we already in the overbought area of the RS1(14) I think its a good time for the GBP to breath out in a 4th wave up . the price will confirm wich will be correct :
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hussain9 tomj2417
sorry oversold area in RSI
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hussain9 tomj2417
And if we copare the last move up of GBPUSD we will find its a move due to cprrection in USD in a wave , watching b wave up then c down and the gbpusd will act against :
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may be a triangle is forming :
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ZZ correction :
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