• 59 mins Lockheed Stock Soars On $480M Pentagon Contract
  • 2 hours Ontario Moves To Slow Cannabis Drive
  • 4 hours The Tech That Will Shape The Future Of Megaprojects
  • 6 hours What Role Will The Saudis Play In Tesla's Private Listing?
  • 22 hours Investors Flee Emerging Markets Amid Lira Crisis
  • 23 hours Startup Aims To Attract Young Renters With Savvy Tech
  • 24 hours The Last Frontier For Artificial Intelligence
  • 1 day EU Companies Struggle To Pick Sides In U.S.-Iran Dispute
  • 1 day Turkey’s Currency Crisis Raises Fears Of Contagion
  • 1 day Could Gold Fall Below $1,000?
  • 1 day Markets Open Higher Despite Ongoing Turkish Crisis
  • 2 days Why Gold Investors Should Ignore The Swings
  • 3 days Stock Buybacks Poised To Eclipse $1 Trillion
  • 4 days Google Accepts Chinese Censorship For Big Payout
  • 4 days Baltics Want to Pull The Plug On Russian Power
  • 4 days Gold Demand In Iran Hits Record Levels
  • 4 days Ride-Sharing: The Next Hotbed For Cybercrime?
  • 4 days Turkey’s Currency Crisis Sends Shockwaves Through Global Markets
  • 4 days Why Rising Inflation Won’t Help Gold Prices This Time
  • 5 days Emerging Markets Hit Hard By Fed’s Trillion Dollar Experiment
  1. Home
  2. Markets
  3. Other

GBPUSD March Rally - and the Big Decline to Come!

GBPUSD

30 min

GBP/USD 30-Minute Chart
Larger Image

4 Hours

GBP/USD 4-Hour Chart
Larger Image

Daily

GBP/USD Daily Chart
Larger Image

My Bias: short below parity.
Wave Structure:  continuing impulsive structure to the downside in wave (5)
Long term wave count: decline in wave (5) blue, below parity
Important risk events: GBP: Net Lending to Individuals m/m. USD: FOMC Member Evans Speaks, Pending Home Sales m/m, Crude Oil Inventories.

On Thursday the 9th of March I Published my nightly Elliott wave analysis

That night I spoke about the possible turn up in the fortunes for GBPUSD.

Here is a chart and a quote from that analysis:

GBP/USD March 9 Chart
Larger Image

"The flat action today was interspersed with some spikes to the upside, which look impulsive.
So it is time to look for at least a corrective rally in cable,
which could develop into a larger move, described in the alternate wave count on the 4hr chart.

I am watching for a higher low off today's low of 1.2134 or nearby.
Tomorrows action might provide that.
The alternate wave count calls for a rally into the 1.2600 area, so this one is worth waiting for."

The alternate wave count which I spoke about called for the completion of a  large contracting triangle in wave (4) blue.

With one last rally to the upside left in wave 'E' of the triangle to complete that structure.

Here is what happened since that point, I will let the chart speak for itself!

GBP/USD After March 9 Chart
Larger Image

The market rallied 378 points into the recent high at 1.2615. Remember, the target was set at 1.2600.

So the target was met,

NOW WHAT?

Well, that contracting triangle is now complete and the market is getting ready to decline back into the longterm trend.
The declines off the recent highs labelled wave (4) blue again look impulsive,
This impulsive wave structure has big potential to the downside,
and that is what I will be tracking from now on in the nightly Elliott wave analysis.

 


To keep on top of the next big move in GBPUSD, EURUSD, USDJPY, GOLD and the DOW jones AVG, Check out Bullwaves.org and you too can see into the Elliott wave future every night!

 

Back to homepage

Leave a comment

Leave a comment