Elliott Wave View: Further Downside in Pound Sterling
Elliott Wave View of Pound Sterling (GBPUSD) suggests the cycle from September 1 high remains incomplete. The decline from there is unfolding as zigzag Elliott Wave Structure. Down from September 1, wave (A) ended at 1.2761 and wave (B) ended at 1.3007. Internal of wave (B) unfolded as a double zigzag Elliott Wave structure where wave W ended at 1.2919, wave X ended at 1.2813, and wave Y of (B) ended at 1.3007
Pair has resumed lower and broken below wave (A) low suggesting the next leg lower in wave (C) has started. Wave (C) lower is currently in progress as an impulsive 5 waves. Down from wave (B), wave ((i)) ended at 1.2863, and wave ((ii)) bounce ended at 1.3. Pair then resumed lower in wave ((iii)) towards 1.2773, and wave ((4)) ended at 1.2824. The final leg lower in wave ((v)) ended at 1.2711. This move also ended wave 1 in higher degree. Wave 2 bounce has also ended at 1.2866 and pair has resumed lower in wave 3. Down from 1.2866, wave ((i)) ended at 1.2674, and wave ((ii)) ended at 1.2777. Near term, while bounce stays below 1.2866, expect pair to extend lower. Potential target lower is 100% – 123.6% Fibonacci extension of (A)-(B) at 1.211 – 1.222. Alternatively, wave 1 can end at 1.2674, and pair now can be in wave 2 rally to correct cycle from Wave (B) high on September 16 in larger 3, 7, or 11 swing before turning lower again.
Pair has resumed lower and broken below wave (A) low suggesting the next leg lower in wave (C) has started. Wave (C) lower is currently in progress as an impulsive 5 waves. Down from wave (B), wave ((i)) ended at 1.2863, and wave ((ii)) bounce ended at 1.3. Pair then resumed lower in wave ((iii)) towards 1.2773, and wave ((4)) ended at 1.2824. The final leg lower in wave ((v)) ended at 1.2711. This move also ended wave 1 in higher degree. Wave 2 bounce has also ended at 1.2866 and pair has resumed lower in wave 3. Down from 1.2866, wave ((i)) ended at 1.2674, and wave ((ii)) ended at 1.2777. Near term, while bounce stays below 1.2866, expect pair to extend lower. Potential target lower is 100% – 123.6% Fibonacci extension of (A)-(B) at 1.211 – 1.222. Alternatively, wave 1 can end at 1.2674, and pair now can be in wave 2 rally to correct cycle from Wave (B) high on September 16 in larger 3, 7, or 11 swing before turning lower again.
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