GBP/USD retrace up to the 50, then down to finish target Short

GBP/USDOANDA

Description

⋅ Jul 7, 2018 12:50 PM

Looks like the big 4 is in and we're now building up the 5 down. Expect a small retrace to the 0.5 fib level

Comments

fakhrinsfm

⋅ Jul 8, 2018 2:44 AM

From (2)-(3) it seems that wave 3 isnt the longest of them all?

If you were to reconsider the chart, will u mark the ew differently?

ErwinBeckers

⋅ Jul 8, 2018 6:49 AM

@fakhrinsfm, remember that Elliott wave Theory states that 3 is never the shortest.
It does not need to be the longest

fakhrinsfm

⋅ Jul 8, 2018 8:27 AM

@ErwinBeckers, ok thanks. By the way can i use this marking to guide me on a lower H4 tf?

ErwinBeckers

⋅ Jul 8, 2018 9:01 AM

@fakhrinsfm, yes sure, although in forex I would not go under the H1