Hi Traders,
The GBPUSD, now at 1.5196, bounced back on the main resistance at 1.52685 and seems to be willing to start a long downtrend. If this analysis is correct we are right on top of the perfect entry point.
The fact that the EURUSD shows the same patterns and symptoms makes me suspicious, meaning that the GBPUSD might follow the Euro downwards.
TARGETS
likely: area 1.4853-1.4778
possible: area 1.4552-1.4542
maybe: 1.4345
longer term: 1.4053-1.3931
ENTRY POINT
Wait for wave oscillator in the 4-hour and 1-hour chart to confirm.
ELLIOTT WAVES
The GBPUSD monthly chart shows an a-b-c-d in red, meaning that "wave e" is on his way down. See 1-2 in magenta and 1-2 in red color, meaning that both wave 3 in magenta and in red are going to be downtrends.
The weekly chart shows a periodicity of 21-22 weeks, the last two vertical bars on the right coinciding perfectly with the start of the new downtrend.
The daily chart shows the GBPUSD touching the resistance at 1.51685 and the 4-hour chart shows the last 1-2-3 upwards (two-step pattern) which is usually followed by a new downtrend.
Note the 4-hour chart with the "wave oscillator" only: the black lines are ready to move outside and the red inside (line swap), meaning downtrend.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
1-hour chart, click to enlarge
The GBPUSD, now at 1.5196, bounced back on the main resistance at 1.52685 and seems to be willing to start a long downtrend. If this analysis is correct we are right on top of the perfect entry point.
The fact that the EURUSD shows the same patterns and symptoms makes me suspicious, meaning that the GBPUSD might follow the Euro downwards.
TARGETS
likely: area 1.4853-1.4778
possible: area 1.4552-1.4542
maybe: 1.4345
longer term: 1.4053-1.3931
ENTRY POINT
Wait for wave oscillator in the 4-hour and 1-hour chart to confirm.
ELLIOTT WAVES
The GBPUSD monthly chart shows an a-b-c-d in red, meaning that "wave e" is on his way down. See 1-2 in magenta and 1-2 in red color, meaning that both wave 3 in magenta and in red are going to be downtrends.
The weekly chart shows a periodicity of 21-22 weeks, the last two vertical bars on the right coinciding perfectly with the start of the new downtrend.
The daily chart shows the GBPUSD touching the resistance at 1.51685 and the 4-hour chart shows the last 1-2-3 upwards (two-step pattern) which is usually followed by a new downtrend.
Note the 4-hour chart with the "wave oscillator" only: the black lines are ready to move outside and the red inside (line swap), meaning downtrend.
Monthly chart, click to enlarge
Daily chart, click to enlarge
4-hour chart, click to enlarge
4-hour chart, click to enlarge
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