Structural Shift: Y Developing into a Double Zigzag
Hello Traders,
It's good to be back stronger and better. I trust you are all doing great.
Below is my analysis of the current GBPUSD structure.
GBP/USD appears to have completed Wave X of a higher-degree W-X-Y double zigzag, with price now transitioning into Wave Y. The recent rejection at (x) suggests a bearish structural shift and the start of Wave (A) of Y.
The preferred count is as follows:
Wave (a): Decline toward 1.3000–1.2960
Wave (b): Corrective rebound (38.2–61.8% retracement of A)
Wave (c): Final impulsive decline toward 1.2950–1.2860, completing Wave Y.
Bias: Bearish
Invalidation: A sustained break above the recent (x) high (~1.3460–1.3480) would invalidate this count and suggest an alternative corrective structure.
Outlook: As long as price remains below the recent (x) high, selling corrective rallies remains the preferred strategy, with the overall expectation of Wave Y extending lower (below W at 1.30087) to complete the higher-degree correction.
Cheers and happy trading!!!!
Hello Traders,
It's good to be back stronger and better. I trust you are all doing great.
Below is my analysis of the current GBPUSD structure.
GBP/USD appears to have completed Wave X of a higher-degree W-X-Y double zigzag, with price now transitioning into Wave Y. The recent rejection at (x) suggests a bearish structural shift and the start of Wave (A) of Y.
The preferred count is as follows:
Wave (a): Decline toward 1.3000–1.2960
Wave (b): Corrective rebound (38.2–61.8% retracement of A)
Wave (c): Final impulsive decline toward 1.2950–1.2860, completing Wave Y.
Bias: Bearish
Invalidation: A sustained break above the recent (x) high (~1.3460–1.3480) would invalidate this count and suggest an alternative corrective structure.
Outlook: As long as price remains below the recent (x) high, selling corrective rallies remains the preferred strategy, with the overall expectation of Wave Y extending lower (below W at 1.30087) to complete the higher-degree correction.
Cheers and happy trading!!!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.