its_new_wave
Short

GBPUSD: What next and where is trade setup?

FX:GBPUSD   British Pound/U.S. Dollar
In Previous idea I wrote that I waited the end of correction to the fall from 1.719. The pair did good correction wave ((2)) with clearly structure. After market fell down again. I did short, which have closed vis wave ((ii)) and after I missed a short opportunities.
So. What next?
There wave count have been getting not clearly last week. But now this pair comes to point, which will determine what market will do next. Two main scenario:

1. The best way if this pair ready to fall into wave iii of ( iii             ). Wave count maybe adapted for this scenario very clear. But... I'm not happy to see strong RSI and MACD divergence. Because of this I have an ALT count with opposite movement.

2. Second way is that the pair already /or almost/ completed a wave 1. It is mean that in next time may be expected a rise up to 1.55-1.56.

How determine trade setup:
For the first scenario is open short now with close SL (I did so) and hope that the market will fall down with significant decline.
For the second scenario. Second scenario will possible when a price will brake 1.53 lvl             . I this level will indicate that a wave 1 complete.
its_new_wave
2 years ago
Well, the fall was not held. One of possible ALT count below:
snapshot
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its_new_wave its_new_wave
2 years ago
And another one
snapshot
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its_new_wave
a year ago
UPD: Wave count are looking like as flat correction. This pair must reach at 1.15 area and after that may start to looking short opportunities in wave 3
snapshot
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