This chart shows my technical analysis of the GBP/USD pair on a 15-minute chart, using Elliott Wave theory. We see an initial five-wave advance labeled (1) through (5), indicating a bullish trend, followed by a three-wave correction labeled (a), (b), and (c), which is typical after such a trend.
The corrective waves (a) and (b) are complete, and it appears wave (c) is in progress. I've projected potential end points for wave (c) using two common Fibonacci levels: 1 and 1.618. These projections are shown as dotted lines, which suggest where the price could find support and potentially reverse to resume the uptrend.
The labels and projections are used to forecast potential turning points in the market and to plan trading strategies accordingly. The current position of the price within the corrective pattern is critical for determining the next move. If the price reaches and holds at one of the projected Fibonacci levels, it could be an indicator for a trend reversal.
The corrective waves (a) and (b) are complete, and it appears wave (c) is in progress. I've projected potential end points for wave (c) using two common Fibonacci levels: 1 and 1.618. These projections are shown as dotted lines, which suggest where the price could find support and potentially reverse to resume the uptrend.
The labels and projections are used to forecast potential turning points in the market and to plan trading strategies accordingly. The current position of the price within the corrective pattern is critical for determining the next move. If the price reaches and holds at one of the projected Fibonacci levels, it could be an indicator for a trend reversal.
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