GBPUSD - Short within wave 3 of a 3
Dear community,
I believe, based on my Elliot Wave analysis that the
GBPUSD is currently forming an underlying wave 3 within an overlying wave 3.
As a quick reminder how it works:
Impulse waves based on the Elliot wave theory are made out of five waves, of which 1, 3 and 5 are impulsive pro trend waves, whereas 2 and 4 are counter trend movements.
Each of the impulses is again made out of five waves within a smaller timeframe and so on.
To make a long story short, I am expecting the price to drop significantly lower as wave 3 of 5 in the overlying timeframe (circled numbers) is starting to form. To get a better idea of where we are in the process I have broken it down into the underlying wave count (numbers in brackets). A pretty good spot to go short right now.
Make sure you like this idea if you would like to receive notifications when I post an update or follow me if you want to find out more about other markets I am analyzing.
Good luck!
Alysson x
I believe, based on my Elliot Wave analysis that the
GBPUSD is currently forming an underlying wave 3 within an overlying wave 3.As a quick reminder how it works:
Impulse waves based on the Elliot wave theory are made out of five waves, of which 1, 3 and 5 are impulsive pro trend waves, whereas 2 and 4 are counter trend movements.
Each of the impulses is again made out of five waves within a smaller timeframe and so on.
To make a long story short, I am expecting the price to drop significantly lower as wave 3 of 5 in the overlying timeframe (circled numbers) is starting to form. To get a better idea of where we are in the process I have broken it down into the underlying wave count (numbers in brackets). A pretty good spot to go short right now.
Make sure you like this idea if you would like to receive notifications when I post an update or follow me if you want to find out more about other markets I am analyzing.
Good luck!
Alysson x
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