Hello traders , GBPUSD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe.
Based on the previous wave count, we came to the conclusion that we are in a leading cycle.
From this structure, the five waves of waves 1, 2, and 3 have been completed and completed, and now what is the difference between the analysts is the end of wave 4 and the beginning of wave 5, or still inside wave 4.
In our opinion, according to our count, wave 4 has been completed and now we are in the wave of wave 5.
The first wave, wave 5, with the defeat of the channel, confirmed the downward trend for the formation of the main wave 5, and now it will probably hit the pullback channel to continue the upward trend of the price, which will be related to wave 4 of wave 1.
Wave 4 starts the correction and forms its first wave, wave a, and now an ascent and a descent are needed to form waves b and c of this flat pattern.
Wave b is confirmed when the black trend line is broken upwards and the end will be before the beginning of wave a.
But if the Fibo 0.618 for wave 4 is completely broken, a further decline is likely to occur, and this decline is either related to wave 2 of the original wave 5 or the continuation of the corrective wave 4 trend.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
Based on the previous wave count, we came to the conclusion that we are in a leading cycle.
From this structure, the five waves of waves 1, 2, and 3 have been completed and completed, and now what is the difference between the analysts is the end of wave 4 and the beginning of wave 5, or still inside wave 4.
In our opinion, according to our count, wave 4 has been completed and now we are in the wave of wave 5.
The first wave, wave 5, with the defeat of the channel, confirmed the downward trend for the formation of the main wave 5, and now it will probably hit the pullback channel to continue the upward trend of the price, which will be related to wave 4 of wave 1.
Wave 4 starts the correction and forms its first wave, wave a, and now an ascent and a descent are needed to form waves b and c of this flat pattern.
Wave b is confirmed when the black trend line is broken upwards and the end will be before the beginning of wave a.
But if the Fibo 0.618 for wave 4 is completely broken, a further decline is likely to occur, and this decline is either related to wave 2 of the original wave 5 or the continuation of the corrective wave 4 trend.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️