FX:GBPUSD   British Pound/U.S. Dollar
268 3 9
I'm looking for a minor consolidation in the GBPUSD             for buying opportunities.
The bottom for a possible wave 2 is not confirmed yet so that's why I need to see a minor impulse and consolidation of lesser degree.


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Trade active: long @ 1.449, stop at break even, target break of 1.476
Comment: GBPUSD came a bit short for my minimum target and now we have to see which of my two scenario's turns out to be correct. I simply can not say that yet but I know what to look for. I'm not interested in the sell just yet, I need to see an acceleration lower first followed by a consolidation for that scenario. I won't chase the short because the market presents great trading opportunities in many other pairs so why risk trading a less clear set-up? If however I see reversal signs on lower time frames (still my preferred scenario) I will look to add to my long. For now price action has to show me what's more likely to happen next. In the chart I showed two wave counts (purple indicating that wave 5 is over and was truncated or the original count which suggest more bullish price action to be next)

updates will follow
Like your analysis Tim. You don't think that the fact that your wave iv of the C wave overlaps wave i would make it more likely to be either an abc correction of a completed 5th wave or the beginnings of an impulse wave down?
+1 Reply
Your view is more or less the same as my alternative scenario, but for now I favor a last leg higher. The overlap is okay in an ending diagonal for wave C.
TAJ249 TimStuyts
Looking like you are right Tim....
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