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FULL ANALYSIS: GBPUSD - Still Heading Lower In A Wave (iii)

FX:GBPUSD   British Pound/U.S. Dollar
2005 13 41
For the past few weeks, there has been much swinging up and down in this pair with periods of confusing consolidation. Consolidation that had more than a few people completely confused. Has the picture cleared up? Where is it headed and why? Let's see if I can help to see the picture more clearly.

Here in this 4Hr view in the MAIN CHART above, what I am showing is a continued move lower. Prices are and have been moving within a descending triangle pattern and appears to still want to move down within it despite it seemingly having completed the E leg of that triangle. A failure of prices to react and move up and through this descending triangle in accordance with its' completion will signal a strong move lower. And that is what I am foreseeing to happen.

WAVE COUNT
Going back to Nov. 3rd, 12 days ago when I posted this trade calling for a SELL off a wave (ii) expanding triangle completion where this trade bagged +287 pips on a fall which appears to have been the wave i of v of a wave ( iii             ), this pair has been on the decline. Here's that post from 12 days ago. Compare it what I have posted today in the MAIN chart above:
TRADE: GBPUSD: <span data-href="idea-custom-link" data-href-idea-custom-link="mailto:SELL@1.54279" rel="nofollow noopener noreferrer" target="_blank">SELL@1.54279</span> Wave 3 of 3 of 3 Coming?

The updated chart posted today builds on that wave count post from 12 days ago. What it seems like is that prices are now descending in a wave ( iii             ) and right now, prices may just have finished the wave iv of that ( iii             ). If that is the case, then the next move is the wave v of ( iii             ) which would be a nice place to gain some nice pips following the trend.

PATTERN
There is a POTENTIAL crab pattern who's completion may mark the the end of the wave ( iii             ). Upon the completion of the crab and the wave ( iii             ), we should see the wave 4 retrace commence but this should be a brief wave 4. It should complete at the standard TP1 of this crab and that is it before heading down again in a wave 5.

WEEKLY CHART - Showing The ABC Correction
By my wave count, this correction is FAR from over. Right now, it is still working on the wave (B) of the ABC correction.
snapshot

DAILY CHART - POTENTIAL Bat Points The Way Down
Click on the chart below for more details.
GBPUSD: DAILY Chart

CONCLUSION
There is still more downside to go before we see the wave (C) up which should be a VERY LARGE move up. I have been looking for this wave (C) for months now. And the light at the end of tunnel now appears near. But first, still must deal with the ending of this wave (B).

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Watching the blue zone down below : 1.450000000
GBPUSD: I
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B120626
a year ago
I am NEVER joining any Facebook group. That is only for soccer moms.
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EverythingForex PRO B120626
a year ago
And those that want to learn how to trade better.....
+2 Reply
B120626 EverythingForex
a year ago
ha ha
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Kendy_Sneaker
a year ago
Hi, I see the Chinese in your head picture.
are you Chinese?
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EverythingForex PRO Kendy_Sneaker
a year ago
yes, I am. but please don't PM me in chinese. English only, please!
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Kendy_Sneaker EverythingForex
a year ago
hao de .xie xie^_^
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marcus123
a year ago
the www.facebookdotcom/efxselect link doesn't appear to be working...
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EverythingForex PRO marcus123
a year ago
you need to replace the "dot" with a ".". I have to do this because Tview messes up any links.
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marcus123 EverythingForex
a year ago
my mistake - thanks!
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this is working out pretty good Andrew, we are almost to the (v) 3
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EverythingForex PRO RussianAmbition
a year ago
Yep. It is and is almost ready to fill that crab pattern as well. This pair is going ALMOST as I have predicted with a few hiccups along the way.
+1 Reply
Rayge
a year ago
nice!
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