Hi Traders,
Before getting into the analysis of GBPUSD, don't forget to REGISTER FOR THE 2-HOUR ELLIOTT WAVES FREE SEMINAR IN SYDNEY TOMORROW.
All this powerfully organised & hosted by the mighty City Index in Sydney.
At the Seminar you will have a fair idea of "How to":
Your approach to trading will change forever. This is a chance NOT TO BE MISSED to get a true insight of Elliott Wave Trading.
TO BE SURE THAT YOU GET YOUR SEAT call Richard Vatner +61(0)2 9270 3618 and mention "MDC" (Mario D. Conti) or leave a message.
The Pound (now at 1.6050) displays a double top in the daily chart that should take the pair to the area 1.5706-1.5692. Be aware that in the very short term (1-hour chart) it might bounce back to the area 1.6097-1.6109 or higher.
That should be your entry point to the target far below.
TARGETS:
first to: 1.6097-1.6109
then
likely: 1.5706-1.5692
possibly: 1.56
maybe: 1.5542
ELLIOTT WAVES:
The GBPUSD is in a uptrend and performed 3 waves up (out of 5). The one it's performing now is the retracement wave 4. Hence, don't expect the Pound to move down in one go.
If this analysis is correct, it will display 3 to 5 waves down (a-b-c or a-b-c-d-e).
NOTE:
I'm under the impression that the BOE entered with an heavy hand around 1.6260. However, it should leave the market alone as long as the pounds keeps dropping.
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
Before getting into the analysis of GBPUSD, don't forget to REGISTER FOR THE 2-HOUR ELLIOTT WAVES FREE SEMINAR IN SYDNEY TOMORROW.
- Thursday 31 October - Free SEMINAR (6-8pm, Sydney time) or check the button (next free seminars)
All this powerfully organised & hosted by the mighty City Index in Sydney.
At the Seminar you will have a fair idea of "How to":
- recognise & label each wave properly
- predict the direction of new trends
- correctly identify the starting point of new trends
- determine targets
- identify Entry and Exit point in daily, 4-hour and 1-hour charts.
Your approach to trading will change forever. This is a chance NOT TO BE MISSED to get a true insight of Elliott Wave Trading.
TO BE SURE THAT YOU GET YOUR SEAT call Richard Vatner +61(0)2 9270 3618 and mention "MDC" (Mario D. Conti) or leave a message.
ANALYSIS: GBPUSD
The Pound (now at 1.6050) displays a double top in the daily chart that should take the pair to the area 1.5706-1.5692. Be aware that in the very short term (1-hour chart) it might bounce back to the area 1.6097-1.6109 or higher.
That should be your entry point to the target far below.
TARGETS:
first to: 1.6097-1.6109
then
likely: 1.5706-1.5692
possibly: 1.56
maybe: 1.5542
ELLIOTT WAVES:
The GBPUSD is in a uptrend and performed 3 waves up (out of 5). The one it's performing now is the retracement wave 4. Hence, don't expect the Pound to move down in one go.
If this analysis is correct, it will display 3 to 5 waves down (a-b-c or a-b-c-d-e).
NOTE:
I'm under the impression that the BOE entered with an heavy hand around 1.6260. However, it should leave the market alone as long as the pounds keeps dropping.
monthly chart - click to enlarge
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge
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