You all know I don't use complex and have my own rules for doing wave counts & I keep those counts as simple as possible. From last week, most of us are confused whats happening with GBPUSD , even in chat rooms there is heavy discussion on gbpusd . When I opened the Gbpusd , ( Note: I was already annoyed with last week), So I skipped & said to Myself "Ok,next pair ". Before moving to next pair I noticed the wave count and once I did the wave count, it all made sense to Me ( kinda sunshine), ok the chance is here. This is what I feel now.
Wave (v) completes right at the historical low and while I'm typing the price moved below the lows, may be it will retrace back if elliots are to work. So, look for patterns in lower timeframes (15mins) and reversal signals around the GBPUSD low zone and plan your trade carefully. Be really careful while trading bcos it can breakdown or come up along with corrective waves beginning, if later happens, yea that will be awesome...
We have equal amount of chances to be Right or to get wrong !
Important Note : Don't expect immediate reversal or Entries based on small candles in ( 1min,5min,15min) is highly risky, so better avoid that kind of entry's. Wait for proper pattern setup (15mins) or clear reversal on minimum hourly before getting in. No hurry's , capital protection is our Primary Aim !