Traders,
I'm publishing EURGBP 4H Chart even if you can find my view in a daily log scale in my published ideas, for a closer view and a better understanding of the structure and the targets.
Daily Chart

Since 06.10.2016 the pair has started the correction developing a five-wave sequence, A-wave (circle) ending at 0.83046.
So far B-wave (circle) has possibly unfolded into an expanding flat developed into 3-3-5 internal structure [A]-[B]-[C]
1 - Wave-[A] developed into a ZigZag internal structure 5-3-5, ending at 0.88523.
2 - Wave-[B] developed into a more complex Zig-Zag with a deeper b-wave, ending at 0.82970, slightly breaking [A]-wave's origin (0.83046) for 7 pips. With that in mind and if the [C] wave was developing into a 5-wave sequence, we could expect a break of [A]-wave's end, extended up to 23.6%fib - 38.2%fib extension.
3 - Wave-[C] developing into a 5-wave motive structure, expecting internal (5)-wave to develop into an expanding ending diagonal, ending at 0.89790(+/-), where many Fibonacci measurements cooperate, pointing a High-Probability reversal target.
If price finally reverse, a big drop is expected, targeting 0,79550(+/-) with a 5-wave motive C-wave (circle), completing the correction with a Zig-Zag.
Trade with discipline.
Best
I'm publishing EURGBP 4H Chart even if you can find my view in a daily log scale in my published ideas, for a closer view and a better understanding of the structure and the targets.
Daily Chart

Since 06.10.2016 the pair has started the correction developing a five-wave sequence, A-wave (circle) ending at 0.83046.
So far B-wave (circle) has possibly unfolded into an expanding flat developed into 3-3-5 internal structure [A]-[B]-[C]
1 - Wave-[A] developed into a ZigZag internal structure 5-3-5, ending at 0.88523.
2 - Wave-[B] developed into a more complex Zig-Zag with a deeper b-wave, ending at 0.82970, slightly breaking [A]-wave's origin (0.83046) for 7 pips. With that in mind and if the [C] wave was developing into a 5-wave sequence, we could expect a break of [A]-wave's end, extended up to 23.6%fib - 38.2%fib extension.
3 - Wave-[C] developing into a 5-wave motive structure, expecting internal (5)-wave to develop into an expanding ending diagonal, ending at 0.89790(+/-), where many Fibonacci measurements cooperate, pointing a High-Probability reversal target.
If price finally reverse, a big drop is expected, targeting 0,79550(+/-) with a 5-wave motive C-wave (circle), completing the correction with a Zig-Zag.
Trade with discipline.
Best
Note
Price finally reached the top and dropped.Same plan as before. Even if expanding ending diagonal didn't work, that only change the type of corrective structure ABC (circle) will be.
Was looking for a Zig-Zag pattern whereas, now after breaking that top, I expect an expanding flat or a running flat to take place.
Watch structure for further confirmation
Last C (circle) wave should be a motive.
Find short opportunities after some correction.
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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.
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.