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.

http://www.timstuyts.com

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https://www.youtube.com/watch?v=HvmWTm4fcl8
Trade active: long @ 1.449, stop at break even, target break of 1.476
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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)
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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?
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+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.
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TAJ249 TimStuyts
Looking like you are right Tim....
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