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TradebyRik

5th wave of GU

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
TradebyRik Updated   
FX:GBPUSD   British Pound / U.S. Dollar
2
0
As per my EW count, we are in the 5th wave of highest degree in the Monthly/Weekly TF. The 5th wave is subdivided into 5 waves of which we are in 3rd wave. The 3rd wave is about to competed by prices falling down to form the 5th of this 3rd wave.
Comment:
ON Daily TF, this is how the 4th wave may behave as a possible triangle and then looking for short to complete the 5th wave of the 3rd Higher wave degree.
snapshot
Comment:
snapshot
Still looking to complete the 4th corrective wave
Comment:
SO FAR GOING AS PER PLAN. I plan to take the upside with small SL during FOMC, just in case of wild swings. Looking to complete the Triangle with nice upmove
Comment:
The 4th wave didn't make a Diagonal but instead a ABC corrective structure and then fell to complete the 5 wave Intermediate cycle. Now the 4th wave of bigger cycle is being formed and anticipating to go up as a complex corrective structure.

snapshot
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