GBPUSD H1 correction to complete before the collapse

C wave impulse is due and should break above the upper boundary. The major bearish trend continuation is expected to commence with the C wave completion. However, there is also the possibility for the correction to continue longer, even after the completion of the ABC structure. But the important takeaway from this Elliott wave count is that any long trades should have very small targets and the bearish side is not yet ready for short trades.

A play in the GBPUSD with TradePips custom indicator

GBPUSD with a different vantage point Reading a chart is not so easy. And even so difficult when higher timeframes show a completely different story.  That is why top-down analysis has considerable preference among traders. Monthly view with the TradePips custom indi It is obvious that the trend has been (and still is) bearish for few years … Read more

GBPUSD Weekly outlook 19th – 23rd September 2016

Like Euro like Pound. Well, this may not be the case when the US Dollar is in a sideways market and/or the EURGBP is in a trend. Nevertheless, let’a analyse the Cable using the same top-down approach used in the EURUSD weekly outlook analysis. GBPUSD Monthly Grand Supercycle (green) Wave-Y of WXY double-three Supercycle (blue) Wave-C of ABC ZigZag Trend … Read more

GBPUSD Elliott wave analysis and weekly outlook – 12th – 16th September 2016

Correction of the Cable continues Like Euro like Pound. I don’t usually comment on correlation of instruments. Because correlation is subjective and hindsight. Though in this case a different type of correlation has emerged between EURUSD and GBPUSD. That is because Euro and the Cable are both dancing on the fence between a triangle and a ZigZag as the … Read more

GBPUSD Elliott wave analysis and weekly outlook – 29th August – 2nd September 2016

GBPUSD is at the verge of a very lucrative trading opportunity. If you remember, las week I posted about the possible bull market continuation. If you missed it, here it is: GBPUSD Elliott wave analysis and weekly outlook – 22nd – 26th August 2016. Although we got the bull market, we did not get the expected deep pullback. On the other … Read more

GBPUSD Elliott wave analysis and weekly outlook – 22nd – 26th August 2016

Correction in Cable continues GBPUSD has shown signs of a final C wave in progress, to complete an ABC correction in the Intermediate degree. The issue with US Dollar pairs is that most of them are within large corrective structures; mainly because the Dollar index is in a large corrective structure as well. Fortunately we have the Elliott … Read more

GBPUSD weekly outlook 15th – 19th August 2016

Failing Gartley The Gartley pattern did not playout as expected last week. But it wasn’t enough to warrant a change in the wave analysis. So the wave count stays the same. Although the market did not reverse at the 78.6% fib (to produce a perfect Gartley,) the pattern is still valid as price has not yet closed below … Read more