Elliott Wave View: GBPUSD Further Correction Expected
Short Term Elliott Wave View on GBPUSD suggests the rally to 1.4239 ended wave ((W)). Pair is now correcting in wave ((X)) in a larger 3, 7, or 11 swing pullback. Internal of wave ((X)) is proposed to be unfolding as a zigzag Elliott Wave structure. Zigzag is a 5-3-5 structure where wave A and C subdivide into a 5 waves either as impulse or diagonal. Down from wave ((W)), wave 1 ended at 1.408 and bounce in wave 2 ended at 1.4182.
Pair then extended lower in wave 3 towards 1.388, and wave 4 bounce ended at 1.4. The last leg of the impulse wave 5 ended at 1.3857 and this completed wave (A) of the zigzag. Wave (B) rally is currently in progress to correct the 5 waves decline from February 24 high (1.4239). Internal of wave (B) is proposed to be unfolding as a zigzag where the first leg wave A should end soon with a marginal high. Pair should then pullback in wave B then turn higher again in wave C to end wave (B) correction. While wave (B) rally fails below February 24 pivot at 1.4239, expect pair to turn lower again in another 5 waves within wave (C) to complete wave ((X)) pullback.
Pair then extended lower in wave 3 towards 1.388, and wave 4 bounce ended at 1.4. The last leg of the impulse wave 5 ended at 1.3857 and this completed wave (A) of the zigzag. Wave (B) rally is currently in progress to correct the 5 waves decline from February 24 high (1.4239). Internal of wave (B) is proposed to be unfolding as a zigzag where the first leg wave A should end soon with a marginal high. Pair should then pullback in wave B then turn higher again in wave C to end wave (B) correction. While wave (B) rally fails below February 24 pivot at 1.4239, expect pair to turn lower again in another 5 waves within wave (C) to complete wave ((X)) pullback.
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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.