GBPUSDGraphical Elements : Bearish descending channel stretching back to 2015 July
Elliott Wave Structure : We're seeing a wave (5) ((3)) push down below fractal resistance at 1.4640
I specialize in Elliott Wave analysis for leading banks and hedge funds in 3 different countries.
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Note
For long term, I personally prefer to sell closer to 1.4640 which is the irregular wave (4) correction with a perfect 1.0 elliott wave projection before seeing a further push down to 1.3320Note
Please note wave 4 is a 0.382 retracement, not a 0.316 (no idea how I accidentally typed that lol)Trade active
Price is now on channel resistance, good time to sell with a stop above 1.4640Note
For short term, I'll play a drop to 1.4295 with my stop loss at 1.4425 (about R:R 1 to 4). From there i'll expect one more push up to 1.4640
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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.