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Short

GBPUSD short setup

FX:GBPUSD   British Pound / U.S. Dollar
111 3 2
Since 15 July 2014 top, an impulse wave is still in progress, now near completion of a complex wave (4) before resuming downtrend on (5):

1. complex (4) alternates with simple (2).
2. with presence of 5th wave extension in (3), (4) retracing more than 61.82% of (3) *, and
3. (4) not overlapping (2).

Thus, setup short on resuming downtrend on (5), with SL at bottom of (2).

* "The 5th Wave Extension is the only extended wave which should be consistently retraced more than 61.82% by the next wave of the same Degree no matter what part of a larger scale the 5th wave is. ............"
Ref.: MEW Neely p. 10-10

Related Ideas

My chart moved slightly and should be as illustrated here
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Thank you for your charts. Which method do you use?
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it's interesting that we can have such opposite views of the same market. I'm not saying you are wrong but an interpretation of my chart has us reaching at least 1.6217 / 1.6287 (my choice) and perhaps considerably higher. There will be a retrace no doubt due to the downward impulse from 29 October, which has been broken and probably will be retested. Be interested in your comments
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