Elliott Wave Forex GBPUSD 1 + 4 hr-1Dec 2018
GBPUSD 1 Hour Chart
Saturday, 1 December 2018 at 12:54:00AM AEST
GBPUSD is dropping from the 1.2809 level, so looks like wave ii correction fully unfolded and now wave iii is in play. Wave iii is the strongest impulse and can now take price towards the Fibonacci ratio of 126.8/138.2 in upcoming sessions. Once wave iii unfolds, temporary correction as wave iv may take price higher.
GBPUSD 4 Hour Chart
Friday, 07 December 2018 at 06:25:00PM AEST
GBPUSD is trading in sub-wave C) as part of a bigger, complex correction. Support and a turning point zone for the pair can be found near the Fibonacci ratio of 61.8, and near the lower channel line, from where a new motive wave, as wave C) may follow. A later rally in five-waves would confirm more upside.
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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