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fibonacci5

GBP/USD in Elliott Wave 5 down to new low.

Short
British Pound / U.S. Dollar (OANDA:GBPUSD)  
fibonacci5 Updated   
OANDA:GBPUSD   British Pound / U.S. Dollar
2
2
GBP?USD descending in impulse wave 5 to new low. The Elliott wave labelling on the chart shows the more bearish scenario of i ii (i) (ii) to the downside based on speculative sentiment index of 70% bulls which as a contrarian indicator would suggest that there is further downside before a significant rally begins.
Comment:
Trade closed profits taken 30/12/16. The slope of the labelled wave 3 much shallower than wave 1 indicated that the labelling was wrong. The 123 down appears to be an abc correction that is still part of wave 4. I expect wave 4 to continue upwards now before wave 5 down starts.
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