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.
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 the 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.
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