Hi Traders,
after minor wave 4, a retracement to the area 0.8646-0.8570 (1-hour chart), the EURGBP (now at 0.8648 ) should be able to start a new rally.
If this analysis is correct, this rally should cause a breakout of the upper line of the channel (in the weekly chart).
ELLIOTT WAVES
The monthly and weekly chart displays the completion of a 1-2-3-4-5 (in magenta) and the start of wave 1 and 2.
The daily and 4-hour chart display wave 3 which is followed by the now forming wave 4 (not marked).
At the end of minor wave 4 a new rally will start with wave 5 and will probably cause the breakout of the upper line of the channel.
TARGETS
likely: area 0.8646-0.8570
then,
possibly a rally to 0.8834 and 0.90300
monthly chart - click to enlarge
after minor wave 4, a retracement to the area 0.8646-0.8570 (1-hour chart), the EURGBP (now at 0.8648 ) should be able to start a new rally.
If this analysis is correct, this rally should cause a breakout of the upper line of the channel (in the weekly chart).
ELLIOTT WAVES
The monthly and weekly chart displays the completion of a 1-2-3-4-5 (in magenta) and the start of wave 1 and 2.
The daily and 4-hour chart display wave 3 which is followed by the now forming wave 4 (not marked).
At the end of minor wave 4 a new rally will start with wave 5 and will probably cause the breakout of the upper line of the channel.
TARGETS
likely: area 0.8646-0.8570
then,
possibly a rally to 0.8834 and 0.90300
monthly chart - click to enlarge
weekly chart - click to enlarge
daily chart - click to enlarge
daily chart with Wave Osc.- click to enlarge
4-hour chart - click to enlarge
4-hour chart with Wave Osc.- click to enlarge
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