FX:GBPUSD   British Pound/U.S. Dollar
136 4 6
This is what we see on the Cable. Currently short positions at lower time frames will do. Our MAJOR BUY zone will be at around 1.2410 price level
TAJ249
5 months ago
That is more or less a count I have too although my wave 5 has a few longer possibilities within it. Do you think that the period you have labelled could also be an abc zigzag? In which case the Pound could be heading much lower. Although in fact both scenarios would fit (the beauty of Elliot wave).
snapshot
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EWChartist TAJ249
5 months ago
On a higher degree if you will since we can see you are looking at this on a Monthly TF. Thus we would break this down into the (a) being an impulse move of which we would apply the 5 wave count rules and the (c) being an impulse move which also is subject to the 5 wave count rule. The projection of the move from start of (a) to end of (a) should travel 100% of that move. A close examination of the move (c) with the appropriate projection should further give us the approximate distance this move could travel.
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TAJ249
5 months ago
Would like to see what your latest count is on this pair now that this can no longer be the correct count as wave 3 would be the shortest wave, unless I am mistaken?
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EWChartist TAJ249
5 months ago
If you know anything about Wave Theory is that you should never force counts. We trade to make money so whatever wave counting we do the MAIN POINT is to catch the next move accurately and with minimum risk possible. Then we can be successful. You can label charts all day and fail to make a penny. Anyway we did lots of updates last week on the recent moves seen on various financial instruments and we will be posting them here on trading view soon. Stay tuned...
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