GBPUSD Continuation Trend - EW Analysis
Termination of EW wave 3 was a near perfect touch down at the 1.618 expansion in classic EW theory.
Looking for entry of 61.8% retracement of EW wave 3 with at SL below subwave 4 of wave 3 and around the bottom support cluster at end of EW wave 1 for a standard 35 pips.
This is a tricky one for TP as if we say EW wave 5 strives to be equal to EW wave 1 in classic EW theory, this would mean that the EW wave 5 will end being truncated. Regardless the area around the end of EW wave 3 could pose high resistance so tp 1 is set into R1 and equal to EW wave 1 at a substantial R/R ratio of 5.62. tp2 I have set at 100% expansion of wave 3 and is in and around R2 which seems to make sense to me.
I appreciate your views whether they agree or not with my analysis. I am happy to hear from the counterview as well as hear from the agreeing parties. Thanks for taking the time to view and read. I appreciate your feedback!
HAPPY PIPPING!!
Dan.
Looking for entry of 61.8% retracement of EW wave 3 with at SL below subwave 4 of wave 3 and around the bottom support cluster at end of EW wave 1 for a standard 35 pips.
This is a tricky one for TP as if we say EW wave 5 strives to be equal to EW wave 1 in classic EW theory, this would mean that the EW wave 5 will end being truncated. Regardless the area around the end of EW wave 3 could pose high resistance so tp 1 is set into R1 and equal to EW wave 1 at a substantial R/R ratio of 5.62. tp2 I have set at 100% expansion of wave 3 and is in and around R2 which seems to make sense to me.
I appreciate your views whether they agree or not with my analysis. I am happy to hear from the counterview as well as hear from the agreeing parties. Thanks for taking the time to view and read. I appreciate your feedback!
HAPPY PIPPING!!
Dan.
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