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Forex GPBUSD Elliott Wave - Currency Trading Strategy

Trading Currency FOREX Gbp/Usd 1 Hour Chart
Forex GPBUSD Elliott Wave
Bearish waves on cable slowed down once pair reached 1.5500 zone, exactly around the support line of a trading channel. However a reversal higher should not be a surprised now, since we can count five waves down from wave (B)/(2), so minimum expectations for the near-term is a corrective A)-(B)-(C) bounce.

From an analytical point of view is still not clear if recent impulsive fall is wave (C) or blue wave (3). Both scenario are still possible!

Only a move back above 1.5693 will suggests that low is in, because in such case impulsive count would be invalidated as wave (4) must not trade into a territory of a blue wave (1). So until then larger trend is down!
Thursday, 24 November 2011 at 7:00:00PM AEST

 

 



 

 

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