GBPUSD Elliott Wave View: Blue Box Should Find Sellers
Short-term Elliott wave view in GBPUSD suggests that October 20, 2021, high is showing a lower low sequence favoring more downside to take place. Down from that peak, the decline is unfolding as an Elliott wave impulse sequence where wave 1 ended at $1.3735 low. While wave 2 ended at a $1.3830 high. Wave 3 unfolded in a lesser degree 5 waves structure where wave ((i)) ended at $1.3708 low, wave ((ii)) ended at $1.3815 high & wave ((iii)) ended at $1.3423 low. Afterwards, wave ((iv)) ended at $1.3607 high and wave ((v)) ended at $1.3351 low.
Above from there, the stock is doing a bounce in wave 4 to correct the cycle from 26 October 2021 high. The internals of that bounce is unfolding as Elliott wave double three structure where wave ((w)) ended at $1.3473 high. Then wave ((x)) pullback ended at $1.3394 low and wave ((y)) is expected to reach 100%-161.8% Fibonacci extension area of ((w))-((x)) towards the blue box area at $1.3517- $1.3593. Near-term, as far as the pair stays below the $1.3593 level the pair should find sellers looking for more downside ideally or for a 3 wave reaction lower at least.
Above from there, the stock is doing a bounce in wave 4 to correct the cycle from 26 October 2021 high. The internals of that bounce is unfolding as Elliott wave double three structure where wave ((w)) ended at $1.3473 high. Then wave ((x)) pullback ended at $1.3394 low and wave ((y)) is expected to reach 100%-161.8% Fibonacci extension area of ((w))-((x)) towards the blue box area at $1.3517- $1.3593. Near-term, as far as the pair stays below the $1.3593 level the pair should find sellers looking for more downside ideally or for a 3 wave reaction lower at least.
14 days trial --> elliottwave-forecast.com/plan-trial/ and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
14 days trial --> elliottwave-forecast.com/plan-trial/ and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.