EURGBP should tumble, but not yet…

EURGBP weekly chart long term elliott wave forecast

As they say, a picture is worth a thousand words. Perhaps a picture is worth thousands of dollars too, if you know what I mean.

Although there are several ways you can label this EURGBP weekly chart, the most viable (I presume) interpretation is given in the above image. I have to say, this is our preferred longer term wave count for EURGBP.

Breaking it down further, below is what we have on the daily chart.

EURGBP daily chart

We would like to assume the C wave impulse is not yet complete. So the larger bearish C wave will have to wait. The way price is currently moving in a range, signals that this could be the wave 4 of the C. It is in fact a bit premature to label the triangle. However, if this interpretation prevails, then the final thrust of the wave C is still to come.

So the hungry bears will have to wait it out…

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