Posible Corto en corrección correción.
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I suppose few people expected sudden rush of protests in US which have punched US market and dollar itself, however, this is what we need to work with now. Now I can see an Elliott impulse wave is built. it means we are going to have a way down on GBPUSD (and many orher USD pairs as well) soon. The protests may continue for some time now, however, they will...
It looks like minor wave C (78.500) of the intermediate wave 2 of the corrective A,B,C zig-zag pattern has ended.
The correction started off at intermediate wave 1 (85.23) and ended at the 88.6% FR, marking a correction low at 78.38.
Although minor wave C ending near the 100% FE of the A, B triangulation makes wave C structure a tad weak, the impulsive motive...
Details in chart. The inverted Head & Shoulders is highlighted with cups, but you really can't miss the big red candles. Gonna get a huge bear flag from this, IMO.
Closed my shorts early, but never sorry to give the other guy the last dollar. Reactionary wave should appear within a few days rising from oversold condition.
IMO this rascal is gonna pop up hard...
USD Index is in a bullish impulse up from 2018 lows; now with final wave 5) in play. Wave 5) that is unfolding out of a triangle correction can be underway to around 98.50/99.00 region, where bulls may slow down if we consider that legs out of a triangle are final in the sequence, so a higher degree retracement may occur during summer time.
Some important news will be released for AUD/USD to day later in the Asian trading session, namely interest rate decision by the RBA.
Fundamental point of view and also based on RBA latest statement in April 2019, a rate hike could be eliminated by RBA for today due to economical situations they are concerned about, namely the trade war...
Apparent Elliot Wave formation. If wave's 2 and 4 actually tested the Fib retrace zones, price target will be above 4k. Also including a chart of the subwaves on 30 minute view which all appear to be valid Elliot waves which leads me to believe that this is a proper wave formation.
EDIT: I mispoke in my comment...wait...
GBPUSD short-term Elliott Wave analysis suggests that the rally from 8/15/2018 low at 1.2660 to 1.3042 high ended red wave 1. The internals of that rally higher took place in 3 wave corrective sequence i.e double three thus suggesting that the pair can be doing a Leading diagonal structure. Up from 1.2660 low, the initial rally to 1.2935 high ended black wave...
We have a pattern of 5 complete waves, which in turn form wave 1 of greater degree, now we are in correction a-b,
once the c wave is finished, ideally in 78.6 a perfect Cypher pattern will be formed that will give us a more confirmed entry for wave 2 of greater degree..
also we have 2 magnets in 78.6 level that must be closed
We have been desgrandando waves from monthly, we see that it is a bullish pair in all temporalities ..
we have a final harmonic pattern that gives us the entrance to purchase in a very beautiful confluence of several fibonaci !!