WaveAlchemy
Short

GBPUSD HOURLY BULL (ALTERNATE)

FX:GBPUSD   British Pound / U.S. Dollar
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This alternate count is based on the premise that corrective wave 2 especially at high degrees usually retrace sharply and deeply. So there is no reason that price or minor wave 2 can't push above 0.382% of wave 1. Also 0.382% fib line (refer to linked idea - main count) has been breached which supports this idea. In calculating alternate counts, the re-label of minuette wave green as an impulse is the most probably scenario, as opposed to a zig zag that is comprised of 5-3-5 with an unrealised extended impulse leg.

Motive and corrective structure @ minuette degree green:
Perfect relationship exists between the impulse legs as with corrective wave 2; wave 2 = 0.618 x wave 1; wave 3 = 1.618 x wave 1.

Motive and corrective @ subminuette degree orange:
Within minuette wave 3 green, subdivisions are; wave 2 = 0.618 x wave 1; wave 3 = 2 x wave 1; wave 4 = 0.382 x wave 3.

Invalidation = 1.4347 (minuette wave 4 green may not move beyond the end of wave 1)
Confirmation = breach below channel

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