TradingEW
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

pezq PRO
a year ago
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
snapshot
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pezq PRO
a year ago
My chart moved slightly and should be as illustrated here
snapshot
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TradingEW pezq
a year ago
Thank you for your charts. Which method do you use?
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