7pasos
Short

GBP still need make a new low

FX:GBPUSD   British Pound/U.S. Dollar
192 2 0
As elliott wave count progress we see space for a new low in the next two days, as in the last five down shows and extended one and the 3rd wave of it have reach the 100% proyection of the extended one we think the 5th wave should extend to 161.8%. Then we expect a bounce back.
As the priced exceeded the origin of the II indicated there are no more chance for a down side extension. The explanation should be that where wave II were labeled, in fact, wave 4 ended and the down side movement labeled as wave III in fact was the end of wave iii minor, then this recent upside movemen could be wave iv minor.
Even when there was no clear entry point before the rules of elliott indicate there was no more chance to the wave count propossed, I press the closed loss button because there is a chance that in the reversal at 1.5825 on jan 31st some one could have take action, resulting with a very small loss.
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The III culd be extendign while the upside move from 1.5681 do not cross the 5826 high the need of new lows still in place. Other way could be the forming of an ending diagonal for ((v)) where I must be ((a)) of I, II ((b)), and III ((c)) to finish I and then the upside move must be a II zigzag as well (as long as do not break above 1.5889
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