WaveAlchemy
Short

GBPUSD HOURLY BEAR (UPDATE)

FX:GBPUSD   British Pound / U.S. Dollar
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Hi all,

Here I present both scenarios (refer to linked ideas) in one chart to get a better feel for what it is that could happen. I've slightly modified the way I label the count. I now prefer that a main count should not be established or even mentioned until all other possibilities are eliminated, leaving one count to remain. This count will then automatically be the main count - that is, the most probably count after eliminating all other possibilities which renders the count a tradeable one.

To give an overview for this analysis; the best possible scenario of wave formation for upward movement is if waves ABC are relabelled as an impulse structure, which appears to perfectly fit the ideal look. So rest is assured that if in the A2 count minuette 4 moves beyond the end of minuette wave 1, much confidence can be held in A1 count which sees the completion of minute wave Y thus completing minor 2 at 0.382% of minor 1.
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