If you are long right now If you are long price could draw a third solid expantion.
Price is reaching the D1 Trendline so be careful with the regret.
Tradeideas
GBPUSD Elliot Wave Short Set UpI hope you saw my short set up yesterday and caught a good amount of pips from today's sizeable break down.
Price action is likely to retrace to the 50% fib level and consolidate before continuing downwards, it may extend beyond the 50% fib as there are now high level news events for the dollar or sterling tomorrow to spur more selling.
My view is that entries above the 61.80% fib level can be held. If you are seeking an entry wait for the price to rise, consolidate and then present a clear selling signal candle.
Good luck traders.
