It's a complex look on gbpusd based on analysis.
Here is a big picture. 1-2-3-4-5(red) waves.
3rd wave is an extention. 1-2-3-4-5(yellow) waves.
wave 1 = wave 5 (Red). estimated price target for LONG-TERM SELL is 1.05 in late november 2017
Currently market is inside 4th wave(red).
It's 3-3-5 flat.(yellow)
wave A is 3-3-5 flat. B is 3-3-5 flat.
wave C is 1-2-3-4-5 impulse/diagonal. (yellow)
wave C is a good MEDIUM-TERM BUY opportunity.
Price targets for BUY is:
- of wave 3(red) (1.325);
- wave A = wave C (yellow) (1.302);
- 127.2% of wave A(yellow) (1.33).
After wave C(yellow) is completed, wave 4(red) is done and wave 5(red) decline begins.
I hope my forecast will be helpful for you!
#brexit is still in play.
Trade with care!
It means, that buy targets may be already reached. and it's time to look for SELL opportunities!
1.2683 is 61.8% of wave A(yellow), possible end of final wave C(yellow).
Now wave C (1-2-3-4-5) structure is close to be broken.
Here is close look.
this breakout should confirm the begining of a long time BEAR market.
LONG TERM SELL targets are: 1.17; 1.11; 1.01.
Keep an eye on it!!!