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Long

UPDATE: GBPUSD Bullish Deep Crab + Alternative Scenario

FX:GBPUSD   British Pound/U.S. Dollar
156 2 3
Updating my post on this bullish deep crab pattern that may soon be completed, I have also re-analyzed this pair and can see an alternate scenario for it's direction. After the bullish cypher I posted earlier was broken to the downside (after reaching and taking profit at target 1), I wanted to re-assess what PA was doing.

So while this bullish deep crab is awaiting it's completion, let's see what is going on again:

Nothing has changed as to the fact that we are still in a rising wedge corrective consolidation pattern and approaching the last stages of it. Once completed, I am expecting a downside break for another impulse wave down.
snapshot

Zooming in on the wedge , by my count we are in the ending wave 5 of the five wave consolidation wedge . Within this wave 5, we are currently in the wave (iv). Now, previously, I had thought that the bullish cypher would've marked the beginning of wave (v) of this wave 5 we are in but when that cypher broke down, obviously, that wan't going to happen. We will wait and see if this bull deep crab fills and holds. If it does, it will mark the end of this wave (iv) and start wave (v) up. If it does not, then this alternative scenario should unfold where prices will continue down into the lower trend line of the rising wedge and then retrace up from there. If this happens, I will again re-assess what is going to happen next....stay tuned!
snapshot
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I believe GbpUsd will test 1.55500 before a reversal upward. I am on short till 1.5540-50 level
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EverythingForex PRO ForexEasypips
Sure, It's a possibility. Anything is possible. But I'm not in any trade based on speculation. Gotta have firm reasons for it. I hope it works out for you though! Good luck!
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