GBPUSD up - down -up
We are in the middle of a 5th wave of what I'm anticipating as a zig-zag. The ending of the 5th wave will be Wave A, then a 3 wave down toward Wave B, and a final wave C; but a .618 extension of Wave A and not 100% extension. The Corrective zig-zag pattern is correcting the previous down wave beginning Jun 2021 and ending Sep 2022.
Red box waves A-B-C are my actual estimates of time whereas Wave A should end near the beginning of Feb with a strong move down ending 20-Feb and strong wave C toward 23-Mar.
The timing is based on channels and also the structure of Elliott wave zigzag.
Lastly, There are 2 fib extensions shown. The solid lines showing price and fib levels are from Wave (1) - (2).
See how wave 4 ends in the middle of 2 Fibonacci levels. I've observed that price wants to use a fib to bounce from and this is telling us price need to go lower - hence Wave B low near 1.1793 Fib .5
The measurement of the ZigZag is as follows. Our low is 1.0356. Fact. If Wave 5 IS the high at 1.2669, and the low IS 1.1793 we have a .618 extension at 1.3215 which corresponds with the 1.618 extension at 1.3234
Red box waves A-B-C are my actual estimates of time whereas Wave A should end near the beginning of Feb with a strong move down ending 20-Feb and strong wave C toward 23-Mar.
The timing is based on channels and also the structure of Elliott wave zigzag.
Lastly, There are 2 fib extensions shown. The solid lines showing price and fib levels are from Wave (1) - (2).
See how wave 4 ends in the middle of 2 Fibonacci levels. I've observed that price wants to use a fib to bounce from and this is telling us price need to go lower - hence Wave B low near 1.1793 Fib .5
The measurement of the ZigZag is as follows. Our low is 1.0356. Fact. If Wave 5 IS the high at 1.2669, and the low IS 1.1793 we have a .618 extension at 1.3215 which corresponds with the 1.618 extension at 1.3234
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