Here's a bit of a drill down to the 1H to analyze the current market structure. USDCAD trade analysis on the daily chart Wait for for C wave of minor degree completion to go for a possible short, what could be a possible 3rd wave of a 5 wave sequence down.
If the corrective ABC is to complete at the equidistant trendline support, there may be opportunities for short term scalping to the upside.
This is my take on the GBPUSD wave count . I'm quite new to the Elliott wave stuff. Constructive criticism welcome.
An update to my previous post, The wave structure has been altered slightly in the second leg, based on recent developments (the new low seen today) The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312 and then see one more low to complete the downside structure. The likely completion point for...
We are in the middle of a three wave correction. Wave B is completed with the Triangle correction. Expect a 5 Wave move upwards to complete Wave C.
The 1H wave count shows the pair in an Double Corrective structure to the upside. So far the first ABC completed to form wave W @6600 with a pullback to Wave X @6544. Upside resistance comes in at 6668 which is 4H Resistance, and marks the first potential completion area for Wave Y
Price commentary can be found at the following post on my website. www.cryptowaves.com