IvanLabrie
Long

GBPUSD: Potential trend reversal or at least major correction

FX:GBPUSD   British Pound/U.S. Dollar
694 43 12
Bullish sentiment has reached a dangerous extreme, momentum indicators are showing divergence when approaching the 5th point in this ascending wedge , which can potentially be a leading diagonal type Elliot Wave pattern.
Momentum divergence was present in the last push down, which is typical when approaching a bottom.
The Bank of England has kept a Hawkish tone recently, which changed the sentiment to bullish for the Pound.
Not so positive FOMC minutes helped seal the deal and made cable reach this sentiment extreme.
I expect a correction before further advance, which I don't discard.
I'd like to see a tradeable formation once this retracement is complete, to then look for long only trades.
Trade closed: target reached
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Considering everyone and their mother is bearish on cable right now...this wouldn't surprise me.
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Entry long today, tp half at recent high, ride the rest of the move with house money.
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IvanLabrie PRO IvanLabrie
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Max support has been reached...now what? Waiting for the NFP reaction to take any trades here.
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Time to place stop orders is near...
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Probable outcome:
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I remain short until proven wrong. Recent wave 1-5 decline had the 1st wave low breached by a flat correction which I suspect is B of a zigzag correction down, out of the leading diagonal 1-5 wave 1, which has a terminal wedge as 5th.
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IvanLabrie PRO IvanLabrie
*as long as we don't reach 1.55239 today.
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IvanLabrie PRO IvanLabrie
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IvanLabrie PRO IvanLabrie
Will open a second short after today's NY close.
Short term trade, should be quick and reach the target tomorrow.
Then I will try to get long after the Yellen speech if possible, depending on the outcome and wether my Elliott wave count is correct or not.
If not, we can expect price to dive past my support level in red, but it's less likely from a technical stand point.
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@danndc
1st possible scenario
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danndc jangseohee
right from here or first up?
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