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5-wxy

Possible WXY in the GBPUSD Hourly chartTake a look at our GBPUSD wave analysis and forecast . This is of course a short term view of the GBPUSD. We were awaiting the completion of the 4th wave in a higher degree. Although our initial expectation of an ABC completion and the price target of 1.34000 levels has changed since todays break of the presumed B wave did not have enough stamina for a C wave impulse as expected. Because the price has been squeezed into a possible triangle, we now expect a completion of the correction with a WXY. Either way a break out from the overall structure is key confirmation for a trade. Until that we prefer to stay on the sidelines.
Short
by fxmillions
GBPUSD ANALYSIS Expecting a reversal for the Pound to the upside in the near future. However at this moment I am inclined to sell as for all the indicators (structure resistance and moving average resistances). Without resisting current price developments to the downside; I will observe this subwave count to progress in its final wave v, before we resume trending with the bullish sentiment. The termination of the subwaves, larger correction WXY, bearish wolfe wave 5, and the projected leg of zig zag clone (ABCD harmonic pattern) appears to occur at 1.410 which means a double bottom before a bull take-over is likely.
Short
by WaveAlchemy
AUDUSD - Corrective wave structure countThe first phase of the corrective structure is a clear flat. The second phase is underway, so it could be either the green triangle or the red ZigZag. If it is to be the triangle we should see a clear reversal at the Blue trendline resistance to complete the last leg of the triangle. On the other hand, if price clearly breaks the Blue trendline resistance, then we can safely assume for the price to go somewhere around the yellow trendline resistance in order to complete a ZigZag for the second part and an overall "double three" formation which is marked with a dark blue WXY. There are plenty of opportunities based on the counting of lesser degrees, This counting is to get an understanding of possible price reversal points and direction on a broader view. Nevertheless I am rooting for the triangle to complete. What do you think ?
by fxmillions