EverythingForex
Long

GBPUSD: Top-down In-depth Analysis. Bull Cypher Coming Soon!

FX:GBPUSD   British Pound / U.S. Dollar
There is a bull Cypher that will soon complete and should trigger a move up to complete the wave 5 of the large rising wedge consolidation wave that this pair is currently in.

OVERVIEW
GBPUSD             has been in a very long sideways consolidation for 6+ years! By my wave count, this flat consolidation wave is unfolding in a complex double zig-zag ABC-X-ABC pattern. We are now in the last C leg UP. When this C leg completes, it could lead to a major reversal and signal the start of another impulse wave.

Zooming in to a weekly view, it is clear that a 5-wave             impulse wave preceded the rising wedge corrective wave we are currently in. The rising wedge is unfolding in a characteristic 5-wave             pattern. This 5-wave             pattern is also a Wolfe wave .

Zooming in on the tail end of this rising wedge and focusing on it's 5th wave, my wave count clearly shows that we are currently in wave (4) of the 5 wave wedge consolidation and waiting for the wave (5) up to begin. Which I think will begin this week.

CURRENT SITUATION
As can be seen on the chart above, a bullish cypher pattern led to a nice uptrend and marked the beginning of the wave (5) of the 5 wave rising wedge . Currently, there is another bullish cypher developing and should soon complete. This bull cypher could also mark the beginning of the wave (5) of 5. which should reach to the top of the rising wedge pattern and could extend through the top descending trend line for a false break before a reversal down.

CONCLUSION:
LONG upon the completion of the bullish cypher for a move up to the top of the rising wedge to complete wave (5) of 5. If you only want to trade the cypher , then take the targets 1 and 2. But according to my analysis, may be wise to hold the long positions for the larger move up.

As usual, please take a second to hit the LIKE button and also to follow me if you like my analysis and want to see more.
SPECIAL Commodities $39.99/mo http://bit.ly/2AZWhx4
List of my ACTIVE Trades: http://bit.ly/2JkoaR3active
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.c
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out