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GBPUSD Elliott Wave Theory in Action

GBPUSD Elliott Wave Forex  1 + 4 hr - 6 March 2019

GBPUSD Elliott Wave Forex 1 + 4 hr - 6 March 2019

Forex-GBPUSD-Elliott...

GBPUSD Elliott Wave Forex  1 + 4 hr - 6 March 2019

Gbp/Usd 1 Hour Chart
Wednesday, 6 March 2019 at 4:26:00PM EST

GBPUSD made a nice five-wave drop, down from 1.335 level and with it a nice break below the 1.3200 level, where the lower channel line sits. This break and its five-wave drop form the highs can be an early evidence of a change in trend, in minimum three legs. That being said, we also know that after a five-wave movement fully unfolds, that is when a new temporary pullback may follow, and in our case this can already be the case, where we see legs a and b showing up. Once wave b unravels, that is when final wave c may take price towards the potential 1.3205/1.326 region, where resistance and more weakness can be seen.

gbpusd1hr03-07

Gbp/Usd 4 Hour Chart
Wednesday, 6 March 2019 at 3:33:00PM EST

GBPUSD made a nice drop recently and is still on the move with bearish price action. We labelled a possibly completed higher degree wave C) at the 1.335 level, which can now be followed by a bigger, three-wave reversal. We can see wave 1/A completed at current 1.309 lows, in which case a temporary pullback as wave B/2 may follow, with possible resistance, and a bearish reversal near the Fibonacci ratio of 50.0 or 61.8 (1.322/1.325 region).

gbpusd4hr03-07

In case we get a new recovery higher, above the 1.325 level then this would suggest a new count, a bigger EW ending diagonal in play.

Gbp/Usd 4 Hour Chart
COUNT #2

gbpusd4hr03-07-2

 


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