chessnut
Long

GBPUSD EW Analysis - clear impulse to complete wave V

FX:GBPUSD   British Pound/U.S. Dollar
124 4 2
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.
SunnyBTC PRO
a year ago
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
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chessnut SunnyBTC
a year ago
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.
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chessnut
a year ago
looks like this could be developing into a more complex wave iv.

snapshot
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SunnyBTC PRO chessnut
a year ago
Looks about right mate yeh. Should be able to catch that next ABC down leg easily enough at least
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