GBPUSD Short on 4hr
Updated
Lower support was broken after a long consolidation period. Taking a short position at the 50% retracement (0% on the extension plotted on this chart). If my wave count proves to be correct, I'm looking to take profits at the 78.6% on the extension before wave 4 pullback. Stop loss set at 23.6% retracement where a break above that line would indicate an incorrect wave count.
Note
Lower indicator showing strong divergence occurring indicating a reversal to the downside. Not a huge fan of indicators but using divergence aids me in my wave count predictions.
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