MichaelMesfin
Short

GBPUSD Short using Elliott wave

FX:GBPUSD   British Pound/U.S. Dollar
194 0 2
Market appears to have completed Wave of a higher degree Wave 3. Now it is working through Wave of a higher degree Wave 3. It appears to be approaching ideal retracement level with a zigzag W-X-Y pattern on decreasing volatility as reflected by the ATR. Channel resistance at 1.6574 on trend line extending from beginning of Wave 1 (higher degree wave (2)) to end of Wave 2.

Price Resistance Lvl             1: @1.65501-1.65580; Ideal 100% Wave (y) vs. (w) price projection and 127.2% Wave (y) vs. (x) price retracement
Price Resistance Lvl             2: @1.6587-1.6605; 61.8% Wave vs. price retracement and 161.8% Wave (y) vs. (w) price projection.

Reversal time zone 1: @3/26/2014 6:00 to 3/27/ 18:00; Between 100% and 1.618% Wave vs. time retracement
Reversal time zone 2: @3/26/2014 0:00 to 3/26/ 18:00; Between 100% and 200% Wave (y) vs. (w) time projection

Reversal Bar pattern: No strong bar patterns yet (One bearish rejection bar, looking for Key,Hook or pivot reversals to enter short.)

Profit Target 1: 1.64585 (61.8% Wave vs. price projection)
Profit Target 2: 1.63839 (100% Wave vs. price projection)
Profit Target 3: 1.62632 (161.8% Wave vs. price projection)
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