Veejahbee
Long

GBPUSD Corrective Wave Continue

FX:GBPUSD   British Pound / U.S. Dollar
After the decline in wave ((a)) in red, the price has been unfolding in a corrective manner which is yet to be completed from Elliot Wave's perspective.

Wave (a) in blue is sharp, while wave (b) unfolded as a double zigzag and formed a double bottom pattern. This scenario is best fit in for expanded flat 3-3-5 pattern, which according to the EW guideline, a sharp five-wave rally in wave (c) is needed to complete the whole corrective structure.

Trading Opportunity:
I will wait for the break of the blue line or daily bullish price action signal to take advantage of wave (c) of ((b)).

What's your view on GU, bullish or bearish?

Comments

very beautifull analysis..
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Nice set up
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Veejahbee freshupdate
@freshupdate, Thank you!
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