chessnut
Long

GBPUSD EW Analysis - clear impulse to complete wave V

FX:GBPUSD   British Pound/U.S. Dollar
126 4 3
This is an excellent example of an impulse in the GBPUSD             . The form is textbook, the third wave is extended, typical of the third wave. Wave iv has bottomed in the vicinity of the previous wave (iv), and we can see two fractals deep into the system. wave IV is a clear corrective abc, so RR is very well defined and the reward is generous. Looking at the bigger picture, this impulse is probably a wave iii             of a larger impulse where (I) is lower down in the picture.
looks like this could be developing into a more complex wave iv.

snapshot
Reply
Looks about right mate yeh. Should be able to catch that next ABC down leg easily enough at least
Reply
Hey bud. lines up with a break of the top of this wedge too, like it! Do you think this wedge is valid btw?
snapshot
Reply
chessnut SunnyBTC
I agree with the PA although if you believe that the bearish cycle starts from the bottom extreme then the upper trend line of that wedge has no relevant points of coincidence. so generally Im bearish like that but I think this impulse will still have one larger wave V nested in it than the one published and then I'd start looking for some serious topping.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out