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GBPUSD: Elliottwave structure suggests triangle consolidation

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Apr 13, 2016.

  1. Sandra S.

    Sandra S. Forum Member

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    Short term Elliottwave structure suggests that the decline to 1.4 ended wave (B) of a larger degree triangle. Wave (C) rally is unfolding as a double three where wave W ended at 1.4348, and wave X pullback is in progress to correct the rally from 1.4 in 3, 7, or 11 swing before turning higher again. Potential target for wave X pullback is towards 1.4134 – 1.4175 area (50 – 61.8 retracement), then as far as 1.4 pivot stays intact during the pullback, expect another leg higher in wave Y towards

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