Long

GBP Generational Bottom

Updated

GBP looking to complete a Major 1-2 Elliot Wave cycle which began in 2017. This could be the formation of a generational bottom in the pound. Let the knife catching begin.

Note

In a small long now. Price clearly broke through the .786 . which indicates further weakness. Watching this closely to see if lower targets will be reached now. If lower targets are not reached, I would expect to see a strong reaction off this level fairly soon and would be looking for something like a V bottom. Knife catching is all about managing risk and knowing your scenarios. Stay safe out there.

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Possible accumulation pattern forming on the 1hr TF. Wyckoff is not my specialty but I can often seen the patterns forming and like to keep them in the back of my mind when looking for a bottom.

Note

Are you still in the game? Just front ran a major algo target by a few ticks. Need to be patient. Will be watching the daily close very closely.

dinerominded

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