Traders,
EURGBP dominant trend remains Bullish on the WEEKLY chart.
Since 6/10/2016 it has been in correction and has developed A (circle) and B (circle) corrective waves so far.
Right now, we are looking to sell the next impulsive C (circle) wave.
1 - Wave-A (circle) developed into a 5-wave motive structure, ending at 0.83045.
2 - Wave-B (circle) developed into a flat pattern, internal 3-3-5 structure (a),(b),(c) , ending at 0.89475.
3 - Wave-C (circle) could be developed into a 5-wave motive structure, ending close to 0.80300.
So with this internal structure we' re looking for a ZigZag pattern to complete near 0.80300, close to 50% fib retracement of 1-5 trend, where also A (circle) = C (circle).
-Longer term, after ZigZag completes, we should look for uptrend continuation.
Trade with Discipline.
Best
EURGBP dominant trend remains Bullish on the WEEKLY chart.
Since 6/10/2016 it has been in correction and has developed A (circle) and B (circle) corrective waves so far.
Right now, we are looking to sell the next impulsive C (circle) wave.
1 - Wave-A (circle) developed into a 5-wave motive structure, ending at 0.83045.
2 - Wave-B (circle) developed into a flat pattern, internal 3-3-5 structure (a),(b),(c) , ending at 0.89475.
3 - Wave-C (circle) could be developed into a 5-wave motive structure, ending close to 0.80300.
So with this internal structure we' re looking for a ZigZag pattern to complete near 0.80300, close to 50% fib retracement of 1-5 trend, where also A (circle) = C (circle).
-Longer term, after ZigZag completes, we should look for uptrend continuation.
Trade with Discipline.
Best
Note
Just an update, Watch price action this week, possible reversal point is now. Daily chart on the corrective wave.
Note
4H Chart, see the impulsive [C]-wave and how beautiful fib confluence is.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.