Timing is key

GU Daily Looking bullish with confluence!

FX:GBPUSD   British Pound / U.S. Dollar
419 9 8
Hello all,

This idea illustrates confluence factors pointing long for cable. We have multiple FIB timing elements ie. 55, 89 time counts and 76.4% plus 38.2% Price retracements, along with a nice 0 - 3 Centre Line Reaction. I also have the current low ( if it holds ) as a P4 going to a P5. My experimental TIK fork confirming the Hit and rejection at this level is just one more reason I'm bullish on the Daily.
My analysis:
Timing is key David_Fan
Yes possible 3 drives, Ant reason you didnt count the first swing as drive 1?
David_Fan Timing is key
That's because its Fibonacci ratios including 0.786 retracement and 1.27 projection isn't the same as the other two.
Timing is key David_Fan
I see, I have included it as a minor count of the (White) P0-P1 Leg which is a very common 3 count ( or 5 count if you include the tiny swing between (yellow P0-P1)). I do use FIB's but I am not rules based with them when determining counts. I just count! on the basic Andrews Premise that beginning with the 0 Pivot (P0) the market will produce 5 legs. I then look for certain chart patterns to determine trade location, one of the best being the P5 reversal. Thanks for your comments and nice chart!
+1 Reply
David_Fan Timing is key
I know a little count of the wave. I don't think the P4(color yellow) is validated, because it is nearly equal to P4(color yellow).
For those wondering ( or maybe not ) why the handle of the blue fork is there, I left off the line on the chart but it is taken from the P2 Horizontal level directly underneath the P1 vertical
nice, Thank you.
LMHO sure! why make it simple when you can make it complicated? unreal.
LOL, I can de-feature it and just have a target! but that will be boring:)
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