GBPUSD Wave Count
GBPUSD wave count – this GU daily chart was bugging me for a while. No strategy could explain or project the next move with some accuracy, except for the Wave Principle. So recently I set out on a mission – to dig deep into “The wave principle” if not commonly known as the “Elliott waves.” To say the least I was dumbfounded with what I learnt. I assumed for so long, that Elliott waves only refers to the basic 5 waves impulsive and 3 waves corrective pattern. While it does in a general sense, there is a whole lot more to it. The complete rules and guidelines as a strategy can produce super accurate forecasts, given that you have the correct count. I applied a tiny bit of what I learned on this GBPUSD wave count attempt, and it got me all excited at the end of the exercise.
Like any strategy its far more easier to count waves on hindsight. But I think if one can do this long enough there is a pretty good chance that he would be able to forecast the markets with some astounding accuracy. If you are as intrigued as I am, just register for free at www.elliottwave.com and go to the free resources to learn the whole concept and theory. Its pretty awesome.
Here’s my humble attempt at the GBPUSD daily chart. As a guide to help me, I used some charts, tips and advice from the master of the wave theory – Anil Mangal on the Tradingview platform. Thank you Anil for the awesome work you’re doing at Tradingview.
I do not know if this is correct or not. I was so excited that I had to post this for my readers. If this count is correct, I should expect an impulsive C wave of a larger correction. According to the definition of a “Flat” in the Elliott waves theory, a flat consists of a 3-3-5 wave pattern and is corrective in nature. Which fits into the wave B (in orange circle) of the higher degree perfectly.
This was not supposed to be a signal or an expert commentary on the wave count. This GBPUSD wave count is just my attempt to bring some clarity to the price action on the GBPUSD – daily.
Please share your comments below. If you like this, why not share with your friends and colleagues? Its just a click away.