GU on Higher TimeFrame. Downtrend continues.
Elliot wave played out well in the smaller timeframe. Let's check the higher timeframe.
We have finished wave 1,2,3 and we're about to finish wave 4. The complexity of wave 4 makes it difficult to predict where the price will end although it has to finish between 38.2% and 50% of Fib Retracement.
After this wave is completed, we will see a huge move to the downside of more than 500 pips. Then it will be a true correction (A,B,C) when we can see the Pound rises again. However, it may take a month to finish the 5th wave.
Wish you best of luck. Happy trading!
We have finished wave 1,2,3 and we're about to finish wave 4. The complexity of wave 4 makes it difficult to predict where the price will end although it has to finish between 38.2% and 50% of Fib Retracement.
After this wave is completed, we will see a huge move to the downside of more than 500 pips. Then it will be a true correction (A,B,C) when we can see the Pound rises again. However, it may take a month to finish the 5th wave.
Wish you best of luck. Happy trading!
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