GBPUSD at a crucial point

3 or C

Election or not the sharp drop of Thursday was doomed to happen. Because there had been a 5 wave impulse after the triangle, completing the overall ABC. The completed ABC structure comprises of the A wave as a leading diagonal and theĀ 5th of the C as an ending diagonal.

Now the question is that if the overall higher degree correction complete, or there is more to come? Clearly there are countable 3 waves in the lower degree marked in blue. Obviously this constitutes for both ABC or up to 123 of an impulse. Which is it going to be? Only the price action next week could tell if the cable has turned bearish for the higher-degree 5th wave or not.

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