AminSaghi
Long

Possible End-Of-Wave 5 area

FX:GBPUSD   British Pound/U.S. Dollar
114 2 1
GBPUSD             has reached to possible EOW-5 price target, and is likely to begin a major bull correction if it takes the previous bar high, as the momentum has made a bullish reversal.
is it possible that 1.6 to 1.18 move is wave 3 only?
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AminSaghi pipstrading
If you count shadows of candles, yes, because then wave 4 enters wave 1 area in this analysis and make this wave counting not valid. However, I only count candle bodies to determine a wave range. So with the latter assumption, my answer is no, as the wave 4 is NOT entered into the range of wave 1.
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