• 699 days Will The ECB Continue To Hike Rates?
  • 699 days Forbes: Aramco Remains Largest Company In The Middle East
  • 701 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,101 days Could Crypto Overtake Traditional Investment?
  • 1,106 days Americans Still Quitting Jobs At Record Pace
  • 1,108 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,111 days Is The Dollar Too Strong?
  • 1,111 days Big Tech Disappoints Investors on Earnings Calls
  • 1,112 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,114 days China Is Quietly Trying To Distance Itself From Russia
  • 1,114 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,118 days Crypto Investors Won Big In 2021
  • 1,118 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,119 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,121 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,122 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,125 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,126 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,126 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,128 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: GBPUSD Approaching Some Reversal Regions

GBPUSD is trading higher, breaking out of the triangle correction that was found in previous wave 4. As we know, triangle corrections occur prior to the final wave, which means current blue wave 5 may see limited upside! In that case, be prepeared for a reversal in three legs, that may follow in the near-term. Ideally resistance and a turning point lower will come around the 1.304/1.306 zone.

GBPUSD, 4H

GBP/USD 4-Hour Chart

A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

In our example we can see a running triangle, where wave b terminates above the starting point of the previous wave a.

Triangle Correction:

Idealized Triangle Correction

Video analysis, where we talk about EURUSD, GBPUSD, USDCAD, USDCHF and Crude OIL

 


Interested in our services ? We have a Special Offer : Get 2 Months For Price of 1!! Grab the opportunity now at www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment