GBPUSD Intraday Short buy, an Elliot Wave perspective

GBPUSD 4H An intraday outlook for Monday. On the Daily and Weekly TF, the momentum is still bearish. On 4H, the price is currently in the premium zone for sellers and it is in an ABC corrective stage. It is currently at a 50% retracement of the recent bullish impulse. If this failed engulfing area coupled with 50% retracement area holds, we would look for possible short buys for GBPUSD to complete its C wave. First target for short buys is the Swing High. Alternative outlook: If the area of the failed engulfing and 50% doesn't hold, we would look for a breakout of that area and look for a confirmed bearish structure on the LTF.