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chessnut
May 14, 2014 6:25 AM

GBPUSD primary wave down. Possibly a big turning point. Long

British Pound/U.S. DollarFXCM

Description

Here is an EW illustration of a possible primary wave down in the GBPUSD. This could mark the end of a long upwards cycle, and holding short below 1.7 could prove an extremey profitably long term position. Looking for a clear abc pattern to play out before going aggresively short. hopefully we will see a .618 retracement.
Comments
max_andronichuk
I've just posted my own Elliott Wave count on the GBP/USD, feel free to have a look and tell me what you think.

The recent false break to 1.7190 tells me this could very well be the top
max_andronichuk
I think it's a good effort but I would say that your proportions of waves ii and iv seem out... thus I suspect this count is not likely to be a clear impulsive wave. But an interesting chart non the less
chessnut
yeah thanks for feedback, possibly could be an ABC. the news has just put other things out of proportion aswell.
charlie22
the data out at 9:30 will send the pound rocketing
chessnut
maybe. what makes you think it should?
charlie22
Wait and see my freind...
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