EURGBP - Wait for pullback to end before buying

I think we finished a large ABCDE Triangle at 0.8655
This move higher therefore should be wave 1 of an impulsive wave.
We are nearing it's termination point as we can count 4 waves already and making wave ((v)) as an ending diagonal it seems.

This means, once this larger wave 1 ends, we will see price pullback in a 3waves move lower, ideally to the 0.618 Retracement level before going up higher for wave 3.

Trade Setup :

* Entry : Pending around 0.8759 - 0.8713
* Stop : 0.8654
* Target 1: 0.9024
* Target 2 : 0.9098
* Target 3 : 0.9190

Note

This alernate count suggests we are in wave B of an Expanded Flat, meaning we will see one more push lower before going up.

Notice, consider a new entry zone as price might turn at/before 0.8810.

Note

Weekly count

Note

Daily count

Note

The alternate count is invalid as price moved to much to the upside.

Note

Opening long position

ElliottWaveBelgium

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EURGBP - Pullback (short) before rally to the upside - R/R 4.7!!

by ElliottWaveBelgium

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